Yongin City Supports Special Guarantee Fees for Small Business Owners Facing Energy Burden

Yongin City Hall Exterior View

Yongin City in Gyeonggi Province will provide additional support for special guarantee fees to small business owners who face heavy energy cost burdens such as gas and electricity bills.

The special guarantee for small business owners is a system in which Yongin City, through the Gyeonggi Credit Guarantee Foundation, guarantees loans at low interest rates from financial institutions for small business owners who lack collateral or credit ratings.

Recently, as the burden of energy prices such as city gas, heating costs, and electricity bills has increased, the city recognized the severe financial difficulties faced by small business owners and decided to provide additional support for special guarantee fees and cover 3% of loan interest for one year.

The target beneficiaries are small business owners in the city engaged in industries with high energy cost burdens, such as wholesale and retail of food and beverages, lodging, restaurants, beauty salons, bathhouses, laundries, and freight transportation, according to the Korean Standard Industrial Classification.

For more details, please refer to the city’s website announcement or contact the Gyeonggi Credit Guarantee Foundation Yongin Branch at 1577-5900 for guidance.

A city official stated, "We decided to provide support to ease the management burden of small business owners struggling with rising prices and increased energy costs, even if only a little. We will continue to discover and promote customized support projects necessary for small business owners."