Gwangyang City to Support Small Business Owners with Loan Interest Aid to Ease Financial Difficulties

Up to 30 Million KRW Limit,
4% Annual Interest Subsidy
Applications Open from the 25th

The city of Gwangyang, Jeollanam-do announced on the 12th that it will implement the '2025 Gwangyang City Small Business Loan Interest Subsidy Support Project' starting from the 25th to alleviate the burden on small business owners struggling with economic recession and operational difficulties.

The Gwangyang City Small Business Loan Interest Subsidy Support Project is a system that provides small business owners who take out loans with an annual interest subsidy of 4% for two years, funded by the city budget.

Exterior view of Gwangyang City Hall

In particular, this year, reflecting the trend of declining interest rates, the interest support rate has been adjusted from the previous 5% to 4%, and the number of participating financial institutions has been expanded from 8 last year to 14 this year to enhance convenience for small business owners.

The support is available to small business owners who have operated a business in Gwangyang City for more than three months. However, certain industries such as entertainment bars, electronic commerce retail, adult game rooms, and legal, accounting, and tax services are excluded from eligibility.

Small business owners wishing to apply for a loan must first visit the Investment and Economy Division on the 3rd floor of Gwangyang City Hall to submit an application form and required documents. After receiving a recommendation letter, they can apply for a loan at one of the 14 financial institutions in partnership with the city. The maximum loan amount is limited to 30 million KRW.

The partner financial institutions include: Gwangju Bank (Donggwangyang Financial Center, Gwangyang Branch), IBK Industrial Bank of Korea (Gwangyang Branch), NH Nonghyup Bank (Gwangyang City Branch, Donggwangyang Branch), Woori Bank (Gwangyang POSCO Financial Center), Hana Bank (Gwangyang Branch), Shinhan Bank (Gwangyang Financial Center), Gwangyang City Saemaeul Geumgo (Head Office), and local agricultural and livestock cooperatives (Donggwangyang Nonghyup, Gwangyang Nonghyup, Gwangyang Horticultural Nonghyup, Gwangyang Dongbu Nonghyup, Daap Nonghyup, Jinsang Nonghyup).

Jung Haejong, head of the Investment and Economy Division of Gwangyang City, stated, "We expect that this small business loan interest subsidy support project will contribute to the management stability of small businesses and the revitalization of the local economy," and added, "We will continue to develop practical support measures for small business owners in the future."

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