Suwon City Provides Up to 50 Million Won Special Guarantee for Small Business Owners... Also Supports Guarantee Fees

The city of Suwon in Gyeonggi Province will guarantee up to 50 million KRW per small business owner who has difficulty obtaining loans from general financial institutions due to low credit ratings, and will support special guarantee fees up to 500,000 KRW.

The special guarantee is a system that provides guarantees with relaxed screening methods so that small and medium-sized enterprises and small business owners who cannot receive loans from banks due to lack of collateral or poor financial conditions can obtain low-interest loans from financial institutions.

Small business owners residing in Suwon who have been registered as business operators for more than two months as of the application date for the special guarantee can apply.

Applicants must consult by phone with the Suwon branch of the Gyeonggi Credit Guarantee Foundation and apply in person by December 31.

Suwon City Hall

Users who have exceeded the guarantee limit using existing credit guarantee funds such as the Korea Credit Guarantee Fund may have restrictions on special guarantee support, and special guarantee support may not be possible depending on the screening by the Gyeonggi Credit Guarantee Foundation (including personal credit rating).

Even if the special guarantee is confirmed by the Gyeonggi Credit Guarantee Foundation and Suwon City, loans may be restricted depending on the collateral and credit evaluation by the lending bank. If the recipient of the loan moves the business to a region outside Suwon City or suspends/closes the business, financial support will be discontinued. However, if the individual who received the loan converts to a corporation according to a comprehensive transfer contract, financial support will not be discontinued.

A Suwon City official stated, "We hope that the special guarantee and fee support project will help small business owners who are struggling due to the economic downturn."

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