Chungnam Credit Guarantee Foundation Provides 2.4 Billion Won Special Guarantee for Small Businesses in Boryeong and Seocheon

Easing the Impact of Thermal Power Plant Closures
Agreement Signed for the 'West Coast Happiness Together Development Fund'
to Revitalize the Regional Economy

'Mutual growth finance' has stepped in to support the West Coast economy, which has been shaken by the phased closure of thermal power plants.

Chungnam Credit Guarantee Foundation, Korea Midland Power, Hana Bank, Boryeong City, and Seocheon County have joined forces to provide a special guarantee program worth 2.4 billion won.

On September 10, Chungnam Credit Guarantee Foundation announced that it had signed a five-party business agreement with Korea Midland Power, Hana Bank, Boryeong City, and Seocheon County at the Korea Midland Power headquarters for the 'West Coast Happiness Together Development Fund Support Project.'

This agreement was promoted to mitigate the economic shock to the region caused by the phased shutdown of thermal power plants and to support small business owners struggling with funding shortages.

Under the agreement, Korea Midland Power and Hana Bank will each contribute 100 million won, securing a total guarantee fund of 200 million won.

Based on this, Chungnam Credit Guarantee Foundation will provide a special guarantee program amounting to 2.4 billion won, which is twelve times the initial fund.

The support targets are small business owners and small and medium-sized enterprises operating in Boryeong City and Seocheon County. In connection with Chungcheongnam-do's small business funds, they will receive preferential terms such as an increased guarantee ratio, reduced guarantee fees, and low-interest policy loans.

In particular, Korea Midland Power's contribution is being recognized as a model case of a company fulfilling its social responsibility by working to overcome the local community's crisis together. Hana Bank will be solely responsible for providing the loans.

Jo Sohaeng, Chairman of Chungnam Credit Guarantee Foundation, stated, "This agreement is significant as it addresses local issues together and establishes a foundation for the growth of small businesses," adding, "We will continue to actively provide guarantees to help revitalize the regional economy."

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