Osan City Provides Special Guarantee Support Worth 8 Billion KRW for Small Businesses and SMEs

Osan City in Gyeonggi Province announced on the 22nd that it will provide special guarantee support worth 8 billion KRW to small business owners and small and medium-sized enterprises (SMEs) struggling due to the economic downturn and reduced consumer spending.

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The special guarantee system supports small business owners and SMEs in obtaining loans through guarantees from the Gyeonggi Credit Guarantee Foundation without other collateral, using city funds as the source.

The city has contributed 800 million KRW to the Gyeonggi Credit Guarantee Foundation for this purpose. Through this, small business owners can receive loans up to 50 million KRW, and SMEs up to 300 million KRW, for a period of five years.

Additionally, small business owners who receive special guarantee loans from eight commercial banks partnered with the city will have 2% of the loan interest reimbursed for five years, up to a limit of 20 million KRW. Small business owners or SMEs wishing to apply for loans can contact the Osan branch of the Gyeonggi Credit Guarantee Foundation.

Mayor Lee Gwon-jae said, "We hope this will help small business owners and SMEs facing management crises due to unstable domestic and international economic conditions and sluggish domestic demand," adding, "We will continue to implement effective support measures to revitalize the local economy and stabilize the livelihood economy."

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