Ulsan City to Provide Relief for Small Business Owners... Signs 'Hope Special Guarantee' Agreement

Financial Support Agreement Signed on October 28 to Help Ulsan Small Business Owners Overcome Crisis
Substantial Benefits Including Guarantee Limit of Up to 60 Million Won per Business

On October 28 at 11:00 a.m., Ulsan City will sign a 'Financial Support Agreement for Overcoming the Crisis of Ulsan Small Business Owners' in the main conference room on the second floor of Ulsan City Hall.

This agreement was arranged to strengthen cooperation and revitalize the local economy, with Ulsan Credit Guarantee Foundation launching a guarantee-linked product utilizing local small business funds from the Bank of Korea, joined by Ulsan City, representatives from six banks, and representatives of small business owners.

The event will include a signing ceremony for the agreement, attended by Ulsan Mayor Kim Dookyum, the Bank of Korea Ulsan Branch, BNK Ulsan Kyongnam Bank, NH Nonghyup Bank, Hana Bank, Shinhan Bank, Woori Bank, Industrial Bank of Korea, and the Ulsan Small Business Association, as well as about 10 officials involved in revitalizing the local economy.

The Ulsan Small Business Hope Special Guarantee will be operated by Ulsan Credit Guarantee Foundation providing credit guarantees based on low-interest funds supplied by the Bank of Korea to commercial banks, which will then execute the actual loans.

The guarantee limit per business will be up to 60 million won, and compared to existing commercial bank agreement guarantees, small business owners will receive substantial financial benefits such as preferential limits, preferential interest rates, and reduced guarantee fees.

Through this agreement, the city expects to stably provide preferential interest rate guarantee-backed loans amounting to 20 billion won annually to Ulsan small business owners, which will help alleviate funding difficulties and stabilize business operations in a practical way.

In particular, the city expects that this agreement, which brings together Ulsan City, financial institutions, and Ulsan Credit Guarantee Foundation, will have a positive impact on the expansion of customized regional cooperation projects in the future.

Mayor Kim Dookyum stated, "This agreement is not just about providing funds, but is part of building a public financial safety net to help small business owners, who support the Ulsan economy, get back on their feet. It is even more meaningful because Ulsan City and various organizations have joined forces to make this agreement possible. We will continue to provide practical financial support based on the voices from the field."

Ulsan City Hall.

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