Icheon City Provides 1.4 Billion KRW in Special Guarantee and Interest Subsidy Support for Small Business Owners

On the 8th, Icheon City in Gyeonggi Province announced that it will promote a special guarantee and interest subsidy support project totaling 1.4 billion KRW this year to help small business owners struggling with management difficulties due to the economic downturn and reduced consumption.

The special guarantee and interest subsidy project is designed to support small business owners who have low credit ratings or insufficient collateral and thus find it difficult to obtain bank loans. The city allocates its budget to the Gyeonggi Credit Guarantee Foundation to cover a 1% guarantee fee and a 2% interest difference.

The project targets small business owners who have had a business location in Icheon City and have been operating for more than two months. Through this project, small business owners can receive low-interest loans of up to 50 million KRW with equal monthly installments over five years.

Small business owners wishing to apply for loans can submit an application to the Gyeonggi Credit Guarantee Foundation.

Kim Kyung-hee, mayor of Icheon City, said, "Small business owners are the driving force of Icheon City and the core of the local economy," adding, "We hope that small business owners facing difficulties due to the economic downturn and shrinking domestic market will regain vitality through this support project."

This content was produced with the assistance of AI translation services.