Yeongyang-gun Signs Emergency Support Business Agreement for Small Business Special Guarantee

Yeongyang-gun, Gyeongbuk Province, signed a business agreement on March 27 with the Gyeongbuk Credit Guarantee Foundation to urgently support special guarantees for small business owners, raising the special guarantee limit from 20 million won to 30 million won.

Yeongyang County Office.

The special guarantee support for small business owners is implemented to alleviate interest burdens by allowing small business owners suffering from the aftermath of COVID-19, as well as high interest rates, high prices, and high exchange rates, to receive low-interest loans.

Yeongyang-gun has additionally contributed 100 million won to the Gyeongbuk Credit Guarantee Foundation in preparation for the rapid depletion of the already contributed funds due to the economic downturn. Through this agreement, if Yeongyang-gun contributes 100 million won, the Gyeongbuk Credit Guarantee Foundation will provide special guarantees up to 1 billion won, which is ten times the contribution, to small business owners, thereby easing their financial difficulties and promoting rapid business stabilization.

The special guarantee for small business owners supports an interest rate of 3% for two years for small business owners who have business establishments in Yeongyang-gun as of the application date. In particular, Yeongyang-gun contributed to stabilizing small business management by increasing the special guarantee limit from 20 million won to 30 million won through ordinance revision.

Governor Oh Do-chang said, “I hope that small business owners who are struggling with business management due to recent price and interest rate increases will benefit from the special guarantee support for stable business activities. Going forward, we will do our best to protect small business owners and revitalize the local economy by doubling the contribution funds.”