Gyeongnam Province Provides 10 Billion KRW in Negative Interest Loans to Small Business Owners

Support for Overdraft Accounts with a Limit of 10 Million KRW per Company, Preferential Guarantee Fees

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do will launch a special guarantee with a limit of 10 billion KRW at the Gyeongnam Credit Guarantee Foundation starting from the 23rd for small business owners in the province.

This guarantee support targets small business owners in the province who are temporarily experiencing liquidity shortages for business operating funds.

Applications are available for those with a credit score of 745 points (formerly grade 5) or higher.

The guarantee limit is up to 10 million KRW per business, supporting overdraft loans, and the guarantee fee is preferentially set at 0.8% per annum.

Through the overdraft loan, funds can be freely used and repaid as needed.

However, businesses that have already received the COVID-19 special guarantee implemented by the province in September 2020 or the COVID-19 related special guarantees after 2021, as well as certain industries (manufacturing and construction), are excluded.

Additionally, businesses with a Gyeongnam Credit Guarantee Foundation guarantee limit exceeding 100 million KRW, businesses that are temporarily closed or out of business, businesses unable to conduct credit transactions with financial institutions, businesses with national or local tax arrears, and luxury or entertainment industries are also ineligible for support.

Guarantee consultation reservations can be made on a first-come, first-served basis from 9 a.m. on the 23rd via the Gyeongnam Credit Guarantee Foundation website until funds are exhausted.