Chungnam Credit Guarantee Foundation and NongHyup Bank to Provide Additional 500 Million Won in Financial Support for Small Businesses

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The Chungnam Credit Guarantee Foundation, Chungnam Province, and NongHyup Bank will provide an additional 500 million won in special contributions to support local small business owners and small and medium-sized enterprises struggling with prolonged domestic market stagnation. As financial support needs increase, the safety net for regional economic recovery is expected to be strengthened.

On November 17, the Chungnam Credit Guarantee Foundation announced that it held a special contribution delivery ceremony at the Chungnam Provincial Government reception room, together with NongHyup Bank, to support the management stability and financial needs of local small and medium-sized enterprises and small business owners.

The signing ceremony was attended by Governor Kim Taeheum, Park Jangsoon, Head of the Chungnam Regional Headquarters of NongHyup Bank, and Cho Sohang, Chairman of the Chungnam Credit Guarantee Foundation. They reaffirmed their commitment to strengthening the financial policy foundation supporting local business growth and to cooperating for revitalizing the regional economy.

This year, NongHyup Bank contributed 6.1 billion won to the Chungnam Credit Guarantee Foundation as guarantee funds, and, in response to the increasing funding needs of small business owners due to the prolonged domestic downturn, decided to provide an additional 500 million won.

This additional contribution was made possible through the active support of Chungnam Province and the cooperation of the Chungnam Credit Guarantee Foundation, and is expected to provide practical assistance to small business owners with limited access to finance.

The Chungnam Credit Guarantee Foundation plans to use the secured funds to expand guarantee supply, alleviate guarantee fee burdens, and offer preferential guarantee ratios, thereby providing substantial financial support to reduce the management burden on local businesses.

The Chungnam Credit Guarantee Foundation has supported the revitalization of the regional economy by promoting various joint projects, including the 2023 Financial Support Agreement for Young Farmers’ Smart Farms and the 2024 Chungnam Livestock Business Financial Support Agreement.

Chairman Cho Sohang stated, "Thanks to the continued interest and cooperation of Chungnam Province and financial institutions, the support base for local businesses has become even stronger," adding, "We will listen to voices from the field and provide timely financial support when companies need it most."

Meanwhile, credit guarantee and loan consultations are available at Chungnam Credit Guarantee Foundation branches and offices, as well as local NongHyup Bank branches, depending on the location of the business. Guarantee applications can also be submitted non-face-to-face through the 'Bojeung Dream' app.

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