Gimcheon City Provides 10 Billion KRW Special Guarantee for Small Business Owners... 3% Annual Interest Support for 2 Years

Loans Up to 20 Million KRW Per Business Location

Kim Choong-seop, mayor of Gimcheon, chatting with citizens at a traditional market.

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Gimcheon City, Gyeongbuk Province announced on the 27th that it will implement special guarantee and interest subsidy support worth 10 billion KRW starting early February this year to help local small business owners struggling due to COVID-19.

The small business special guarantee project is funded with 1 billion KRW contributed by Gimcheon City to the Gyeongbuk Credit Guarantee Foundation and will be carried out until the guarantee scale of 10 billion KRW is exhausted. A special guarantee certificate of up to 20 million KRW per business, based on individual credit scores, will be issued, and Gimcheon City will support 3% annual interest on loans for two years.

The support target is individual business owners whose business is located in Gimcheon City and whose registered address is also in Gimcheon City as of the application date. Interested parties can inquire at the Gimcheon branch of the Gyeongbuk Credit Guarantee Foundation located on the 3rd floor of the Nonghyup Bank (Gimcheon City branch) in Namsan-dong.

Kim Chung-seop, Mayor of Gimcheon City, said, "I hope that actively utilizing the small business special guarantee project will help stabilize the management of small business owners struggling due to COVID-19," and promised, "We will discover and promote various policies to help small business owners overcome this difficult time."