Jeonbuk Province and Jeonbuk Shinbo to Provide 150 Billion Won Guarantee Support for Small Businesses

Credit Guarantee Processing Period Reduced from 7 Days to 3 Days

Jeonbuk Special Self-Governing Province and Jeonbuk Credit Guarantee Foundation will provide a total guarantee support of 150 billion KRW for small business owners in the province who are experiencing financial difficulties.

According to the province on the 17th, this support has been prepared to provide timely financial assistance to small business owners facing difficulties due to a lack of funds and sluggish domestic demand ahead of the Lunar New Year holiday.

Jeonbuk Provincial Government Office building. Provided by Jeonbuk Province.

The main details include: ▲ Jeonbuk Crisis Overcoming Special Guarantee of 45 billion KRW ▲ Small Business Policy Fund of 30 billion KRW ▲ First Step Business Financial Support Special Guarantee of 10 billion KRW, and a total of seven new guarantee support programs, as well as ▲ refinancing funds and repayment deferment of 35 billion KRW.

Jeonbuk Credit Guarantee Foundation plans to operate an emergency support system by reducing the credit guarantee processing period from the existing seven days to three days, so that small business owners can receive financial support quickly. In addition, a portion of the interest required for low-interest loans will be subsidized to ease the financial burden on small business owners.

Meanwhile, following a guarantee supply of 1 trillion KRW last year, Jeonbuk Credit Guarantee Foundation has set a target of supplying a record-high 1.2 trillion KRW in guarantees this year, taking the lead in revitalizing the Jeonbuk economy.

In particular, support for the economically vulnerable will be strengthened by significantly expanding the 'Bodeum Fund Special Guarantee' for low-credit and low-income self-employed individuals who have difficulty obtaining loans from primary financial institutions, from 135 billion KRW last year to 280 billion KRW this year.

For more details, please contact Jeonbuk Credit Guarantee Foundation.

Kim Intae, Director of Corporate Attraction Support at the province, said, "We expect that this emergency fund support will help facilitate smooth cash flow for small business owners," and added, "We will do our best so that small business owners in the province who are struggling with financial difficulties can receive prompt support and enjoy a warm holiday."

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