Gyeonggi Shinbo Presents Appreciation Plaque to Bucheon City for Doubling Special Guarantee Fund Contribution

Si Seok-jung, Chairman of the Gyeonggi Credit Guarantee Foundation (right), is taking a commemorative photo after presenting a plaque of appreciation to Jo Yong-ik, Mayor of Bucheon, on the 14th for actively supporting the special guarantee contribution fund. Photo by Gyeonggi Credit Guarantee Foundation

The Gyeonggi Credit Guarantee Foundation presented a plaque of appreciation to Bucheon City for actively supporting special guarantees for small and medium-sized enterprises (SMEs).

Gyeonggi Credit Guarantee Foundation announced that on the 14th, Chairman Si Seok-jung recognized Bucheon Mayor Jo Yong-ik for his contribution to revitalizing local financial support by continuously increasing the special guarantee funds for SMEs and small business owners in the jurisdiction over the past four years (2019?2022), and awarded him a plaque of appreciation.

Looking at Bucheon City's annual contributions to the Gyeonggi Credit Guarantee Foundation, the amounts were 1.12 billion KRW in 2019, 1.62 billion KRW in 2020, 2.296 billion KRW in 2021, and 4.188 billion KRW in 2022.

In particular, Bucheon City received high praise for contributing 4.2 billion KRW last year to boost the local economy despite not having a high fiscal independence ratio, which indicates the proportion of local taxes and non-tax revenues.

Of Bucheon City's contributions, 500 million KRW has been used since 2021 as funds for the Bucheon-type SME special guarantee program targeting low-credit companies and startup manufacturing companies within the jurisdiction.

Additionally, 2 billion KRW was used as funds for the 'Bucheon City Small Business Daily Recovery Special Guarantee,' a 20 billion KRW support program newly implemented in August last year.

The Bucheon City Small Business Daily Recovery Special Guarantee is evaluated to have contributed to enabling local businesses to secure necessary funds in a timely manner by relaxing screening criteria and expanding guarantee limits (up to 100 million KRW).

Chairman Si Seok-jung of the Gyeonggi Credit Guarantee Foundation said, "This year, as a more difficult period is expected for SMEs and small business owners due to the economic downturn and rising costs, we thank Bucheon City for actively cooperating with the Gyeonggi Credit Guarantee Foundation's special guarantees to revive the livelihood economy. We congratulate Bucheon City on its 50th anniversary of city status this year and pledge to faithfully fulfill the role and duty of the Gyeonggi Credit Guarantee Foundation in revitalizing the local economy for Bucheon City's new 100 years."

Bucheon Mayor Jo Yong-ik emphasized, "Under the city administration vision of 'Bucheon Running Again, Together with Citizens,' we are promoting various policies such as overseas market exploration teams and support for online ordering and delivery of traditional markets to help SMEs and small business owners overcome crises and move toward the future. Going forward, Bucheon City will continue to be a strong economic safety net supporting the challenges of SMEs and small business owners together with the Gyeonggi Credit Guarantee Foundation."