Up to 20 Million KRW Support for Small Business Owners in Gimcheon-si, Gyeongbuk

Panoramic view of Gimcheon City.

[Asia Economy Yeongnam Reporting Headquarters Reporter Ju Cheol-in] Gimcheon City, Gyeongbuk Province announced on the 26th that it will implement a special guarantee and interest subsidy system for small business owners.

This project helps with business loans up to a maximum of 20 million KRW and supports interest at an annual rate of 3%.

Starting this year, the city will significantly increase its annual contribution to 1 billion KRW to support guarantees worth 30 billion KRW by 2022. The support targets are individual business owners and small business owners with workplaces in Gimcheon City.

Kim Chung-seop, Mayor of Gimcheon City, said, "Amid the rapid economic downturn caused by COVID-19, we will actively utilize the ongoing special guarantee system for small business owners to provide as much assistance as possible to them."