Cheonan City Expands Special Guarantee Program for Small Businesses in Partnership with Hana Bank

Additional 1 Billion KRW Contributed by Each Institution to Chungnam Credit Guarantee Foundation

On May 28, Cheonan City in South Chungcheong Province announced that it will expand its special guarantee program for small business owners in partnership with Hana Bank to help alleviate their funding difficulties.

On this day, the city signed an agreement for the special guarantee program with Hana Bank and the Chungnam Credit Guarantee Foundation. Both the city and Hana Bank each contributed an additional 1 billion KRW, totaling 2 billion KRW, to the Chungnam Credit Guarantee Foundation.

With the total contributions now at 4 billion KRW, and applying a guarantee multiplier of 12 times, it is now possible to supply up to 48 billion KRW in special guarantees.

The special guarantee program will be carried out by issuing guarantee certificates through the Chungnam Credit Guarantee Foundation.

Kim Seokpil, acting mayor, stated, "I hope this will provide substantial support to small business owners struggling due to prolonged high interest rates and the ongoing economic downturn," and added, "We will continue to do our best to ensure the stability and growth of small businesses."

Meanwhile, Hana Bank also delivered a sponsorship of 10 million KRW to the city on this day to support the successful hosting of the 77th Chungnam Provincial Sports Festival.

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