Suwon Special City Expands Special Guarantee Program for Small Business Owners to 3 Billion Won
Suwon Special City (Mayor Lee Jae-jun) is expanding its special guarantee program for small business owners to 3 billion won to support more small business owners with special guarantees.
Suwon City secured 600 million won in special guarantee funds through the first supplementary budget to ease the financial burden on small business owners suffering from high interest rates and inflation. The total budget for small business owner special guarantees increased to 3 billion won (24 billion won in the main budget).
The special guarantee program guarantees 10 times the contributed budget, expanding the guarantee size from the existing 2.4 billion won to 3 billion won.
The budget for special guarantee fee support also secured 100 million won through the first supplementary budget, bringing the total budget to 240 million won (140 million won in the main budget).
The small business owner special guarantee and fee support project provides special guarantees and special guarantee fee support to small business owners who have low credit ratings and face difficulties obtaining loans from general financial institutions.
The maximum guarantee limit is 50 million won per business, and small business owners who apply for special guarantees receive support for special guarantee fees of 1 percent of the first-year loan amount (maximum 500,000 won per business).
Small business owners residing in Suwon who have been registered as business operators for at least two months based on the date of application for special guarantees may apply. Applicants must contact Gyeonggi Credit Guarantee Foundation (1577-5900) for consultation and then visit in person to apply. The support project may terminate early if the budget is exhausted.
A Suwon City official stated, "We hope the special guarantee fee support project for small business owners will provide practical help to those facing difficulties amid economic downturn," and added, "We will continue to implement policies that support stable management and growth of small businesses."