"Program for Small Businesses"... Changwon Teukrye-si Expands Small-Business Loans to 36 Billion Won

Annual Interest Support of 2.5% for One Year
Guarantee Consultations Begin on February 6

Changwon Teukrye-si in South Gyeongsang Province will significantly expand this year’s "Interest Support Program for Small-Business Development Funds" to stabilize the management of local small businesses.

On the 4th, the city signed a business agreement in the reception room of City Hall with BNK Kyongnam Bank, NH Nonghyup Bank, Hana Bank, Woori Bank, and the Gyeongnam Credit Guarantee Foundation, embarking on a win-win partnership to expand financial support for small businesses.

Changwon Special City expands small-business loan size to KRW 36 billion in the first half.

Attending the signing ceremony were Heo Jonggu, Vice President of BNK Kyongnam Bank; Jeong Youngcheol, Head of the Changwon Branch of NH Nonghyup Bank; Hwang Wonha, Head of the Changwon Jungang Branch of Hana Bank; Lee Mingu, Head of the Gyeongnam Business Headquarters of Woori Bank; and Lee Hyogeun, Chairman of the Gyeongnam Credit Guarantee Foundation, along with other officials, who joined forces to help ease funding difficulties for local small businesses.

Through this agreement, Changwon Teukrye-si and the participating financial institutions will jointly raise a contribution fund of 3 billion won (1.5 billion won from Changwon Teukrye-si and 1.5 billion won from the banks), and based on this, create a loan fund totaling 36 billion won.

This represents an increase of 12 billion won compared to 24 billion won in the first half of last year. The city has also expanded the number of participating banks from three to four to improve convenience for small-business users.

The support is available to small businesses located within Changwon Teukrye-si that have obtained a guarantee certificate from the Gyeongnam Credit Guarantee Foundation, and each business can borrow up to 50 million won. Changwon Teukrye-si will subsidize 2.5% of the loan interest for one year, and will provide a preferential rate of up to 3.0% for Good Price Businesses. Borrowers can choose either a lump-sum repayment at maturity after one year or equal installment repayment over four years following a one-year grace period.

Jang Geumyong, Acting Mayor of Changwon Teukrye-si, said, "We expect that this expanded support will provide substantial help in easing the funding difficulties of small businesses that are struggling with high interest rates and an economic downturn," adding, "We will continue to strengthen cooperation with financial institutions and the Credit Guarantee Foundation to actively support regional economic recovery and stabilize the management of small businesses."

Guarantee consultations can be requested from the 6th via the reservation system on the Gyeongnam Credit Guarantee Foundation website or through the "Bojeung Dream App." After the guarantee certificate is issued, loans can be executed at BNK Kyongnam Bank, NH Nonghyup Bank, Hana Bank, and Woori Bank. For more details, please contact the Gyeongnam Credit Guarantee Foundation.

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