Gyeongbuk Shinbo Offers Special Guarantees up to 40 Million Won for Andong Small Businesses... Andong City Provides 3% Interest Support for 2 Years

Gyeongbuk Credit Guarantee Foundation announced on March 11 that it had signed a business agreement with Andong City and local financial institutions for the "2026 Andong City Special Guarantee for Small Business Owners" to help alleviate the funding difficulties of small business owners in Andong.

Under this agreement, a total of 3.6 billion won in contributions will be raised: KB Kookmin Bank will provide 950 million won, NongHyup Bank 300 million won, Hana Bank 200 million won, Shinhan Bank 150 million won, and both Woori Bank and iM Bank 100 million won each. Andong City will match this amount with a one-to-one matching contribution. Gyeongbuk Credit Guarantee Foundation will then provide credit guarantees totaling 43.2 billion won, which is twelve times the amount of the total contributions.

Kwon Ki-chang, Mayor of Andong (fourth from the left), and Kim Jung-kwon, Chairman of Gyeongbuk Credit Guarantee Foundation (fourth from the right), are holding a special guarantee business agreement ceremony for small business owners in Andong City.

The maximum guarantee limit for this special program is 40 million won per business, and the eligible applicants are small business owners who are currently operating in Andong and have completed business registration.

In addition, Andong City will provide a 3% interest subsidy for two years, which is expected to help ease the interest burden for small business owners. Those who currently have high-interest guaranteed loans can take advantage of this special guarantee to refinance into lower-interest loans.

Small business owners who wish to apply non-face-to-face can do so via the Bojeung Dream (APP), while face-to-face applications can be made by making a reservation for consultation through the Gyeongbuk Credit Guarantee Foundation website or AI call center.

Kim Joongkwon, Chairman of Gyeongbuk Shinbo, said, "With one-to-one matching contributions from local financial institutions and the local government for the 2026 Andong City Special Guarantee for Small Business Owners, we are now able to provide large-scale guarantee support," adding, "We will do our utmost to expand this matching contribution project so that more small business owners in the province can receive guarantee support."

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