Suwon Special City Expands Special Guarantee for Small Business Owners to 3 Billion Won

Suwon Special City (Mayor Lee Jae-jun) is expanding the scale of special guarantees for small business owners to 3 billion won to provide special guarantee support to more small business owners.

Suwon City secured 600 million won in special guarantee budget through the first supplementary budget to relieve the financial burden on small business owners suffering from high interest rates and high prices. The total contribution budget for small business owner special guarantees increased to 3 billion won (24 billion won in the original budget).

Special guarantees provide guarantees at 10 times the contribution budget, expanding the guarantee scale from the existing 2.4 billion won to 3 billion won.

The special guarantee fee support budget also secured 100 million won through the first supplementary budget, increasing the total budget to 240 million won (140 million won in the original budget).

The small business owner special guarantee and fee support project provides special guarantees and special guarantee fees to small business owners who face difficulties obtaining loans from general financial institutions due to low credit ratings.

The guarantee limit is a maximum of 50 million won per business, and small business owners who apply for special guarantees receive first-year special guarantee fee support of 1% of the loan amount (maximum 500,000 won per business).

Small business owners residing in Suwon who have been registered as business owners for at least 2 months from the date of special guarantee application can apply. Applicants must consult by phone with the Gyeonggi Credit Guarantee Foundation (1577-5900) and then visit in person to apply. The support project may end early if the budget is exhausted.

A Suwon City official stated, "We hope that the special guarantee fee support project for small business owners will be of practical help to small business owners facing difficulties due to economic downturn," and added, "We will continue to promote policies supporting stable management and growth of small business owners."