Jongno-gu Provides Special Guarantees and Interest Support for Small Business Owners... Totaling 28.1 Billion KRW

Jongno-gu, Seoul (District Mayor Jeong Munheon) announced on the 10th that it will provide special guarantees and interest support worth 28.1 billion KRW to alleviate the financial difficulties and burdens of small and medium-sized merchants who have difficulty obtaining loans due to insufficient collateral.

Scene from the financial support business agreement ceremony for small and medium-sized enterprises and small business owners. Provided by Jongno-gu.

To this end, Jongno-gu, Seoul Credit Guarantee Foundation, and banks including Woori, Kookmin, Hana, and Shinhan signed a business agreement on the 5th and promised to work together to support small business owners.

The support targets are small and medium-sized merchants who have business establishments in Jongno-gu and are registered as business operators, excluding those subject to guarantee restrictions or restricted industries. The guarantee limit is up to 100 million KRW per company, including the existing balance, with a one-year grace period and four years of equal installment repayment. The loan interest rate is variable, but Jongno-gu will support 2% interest for one year, and Seoul City will support 1.8% interest for four years simultaneously.

Applications can be made by consulting with the Seoul Credit Guarantee Foundation and obtaining a guarantee certificate, then proceeding with the loan at the contracted financial institutions within Jongno-gu (Woori Bank, Kookmin Bank, Hana Bank, Shinhan Bank). For more details, please contact the Jongno branch of the Seoul Credit Guarantee Foundation.

District Mayor Jeong Munheon stated, “We hope this will be a great help to small and medium-sized enterprises and small business owners facing economic difficulties,” and added, “We will continue to strive to revitalize the local economy and prepare support measures that small and medium-sized merchants can feel.”

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