Dobong-gu, Special Credit Guarantee up to 50 Million Won for Small Business Owners

Guarantees up to 50 million KRW for Small and Medium Enterprises and Small Business Owners in Dobong-gu Area

[Asia Economy Reporter Jongil Park] Dobong-gu (Mayor Oh Eon-seok) is implementing a ‘Special Credit Guarantee for Small Business Owners’ to provide preferential support for the guarantee limits of local small business owners facing financial difficulties due to the prolonged COVID-19 pandemic.

To this end, the district prepared in advance by allocating an additional supplementary budget in anticipation of the depletion of the 2.8 billion KRW 2022 Small and Medium Enterprise Development Fund loan resources. As the development funds were exhausted early, the district, in cooperation with partner banks (Woori Bank, Shinhan Bank) and the Seoul Credit Guarantee Foundation, contributed 200 million KRW to create a guarantee fund of 7.8 billion KRW.

The ‘Special Credit Guarantee for Small Business Owners’ issues a Seoul Credit Guarantee Foundation credit guarantee certificate with a 100% guarantee ratio, up to a limit of 50 million KRW per company. It is linked to the Seoul City Small and Medium Enterprise Development Fund, which supports interest at 1.3% for four years.

Small and medium enterprises and small business owners whose business registration address is in Dobong-gu can obtain loans at Woori Bank and Shinhan Bank branches located in Dobong-gu using the special credit guarantee as collateral. Applications are accepted from November 8, 2022, until funds are exhausted. Applicants can make a reservation through the Seoul Credit Guarantee Foundation call center before visiting to apply, and detailed information is available through the call center.

Oh Eon-seok, Mayor of Dobong-gu, stated, “It is time to actively support companies struggling with financial difficulties due to the prolonged COVID-19 pandemic and rising market interest rates. We hope the Special Credit Guarantee for Small Business Owners will be a source of strength for business owners experiencing long-term management difficulties.”