Ulju County Begins Second Round of Special Loan Guarantee for Small Businesses: Lower Interest Burden, Eases Funding Shortages

Ulsan Ulju County is taking action to address the management and funding difficulties faced by local small business owners. On August 5, the county announced that it will begin the second round of applications for the "Small Business Special Loan Guarantee Support Project" starting at 9:00 a.m. on August 12.

For this project, Ulju County and five financial institutions?BNK Kyongnam Bank, NongHyup Bank, Hana Bank, KB Kookmin Bank, and Shinhan Bank?will jointly contribute 5 billion KRW. Through a guarantee by the Ulsan Credit Guarantee Foundation, a total of 60 billion KRW in special loan guarantees will be provided. In the first round of applications held in May, the high level of interest from small business owners was evident as applications closed within just 10 minutes of opening.

The second round will provide a total of 30 billion KRW in support. Small business owners can receive loans of up to 80 million KRW by obtaining a guarantee certificate from the Ulsan Credit Guarantee Foundation. They can also benefit from a 3% annual interest subsidy for two years, effectively reducing the actual interest burden. In particular, both refinancing of existing loans and overlapping policy loans are permitted, broadening the scope for resolving funding shortages.

Eligible applicants include small business owners operating within Ulju County who are subject to credit scoring, regardless of their credit rating. However, individuals with overdue payments or those who are delinquent on local or national taxes are excluded.

Applications can be submitted either in person at Munsu Hall on the first floor of Ulju County Office or online via the Ulsan Credit Guarantee Foundation website. Support will be provided sequentially until funds are exhausted. For in-person applications, applicants must bring an ID and business registration certificate; corporations must also provide a certified copy of the corporate registration, and in the case of proxy applications, a power of attorney and the proxy's ID are required.

An Ulju County official stated, "We hope that this special loan guarantee support project will serve not only as simple financial assistance but also as a strong safety net to protect the local economy."

Uljugun Office.

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