Korea Ceramic Foundation Provides 3 Billion KRW 'Special Guarantee' to Ceramic Artists in Gyeonggi Region

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[Asia Economy (Suwon) = Reporter Lee Young-gyu] The Korea Ceramic Foundation will provide special guarantee support to help local ceramic artists struggling due to the "Novel Coronavirus Infection" (COVID-19).

The Korea Ceramic Foundation announced on the 26th that it signed a special guarantee support agreement with the Gyeonggi Credit Guarantee Foundation on the 24th.

According to the agreement, the Korea Ceramic Foundation will make a special contribution of 300 million KRW, and Gyeonggi Credit Guarantee Foundation will guarantee an amount ten times the contribution, totaling 3 billion KRW.

The maximum guarantee amount available to local ceramic artists is up to 10 million KRW per business. The guarantee period is up to 5 years, with an initial 1-year grace period followed by 4 years of equal principal and interest repayments.

The annual interest rate will be applied differentially within approximately 2.8%, depending on the financial institution applied to and the individual's credit rating. For more details, please check the Korea Ceramic Foundation website.

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