Yeongyang-gun, Gyeongbuk Province, announced on the 15th that it will contribute an additional 150 million KRW to the Gyeongbuk Credit Guarantee Foundation for the special guarantee fund for small business owners, following the initial contribution of 100 million KRW in the first half of the year.
Yeongyang-gun's previously contributed fund of 100 million KRW to the Gyeongbuk Credit Guarantee Foundation was fully utilized within about two months due to increased loan limits and active promotion. By contributing an additional 150 million KRW, the fund will provide guarantee support up to ten times the contribution amount to small business owners.
As of the application date, small business owners with workplaces in Yeongyang-gun can receive guaranteed loans up to 30 million KRW, repayable either in lump sum or installments. Additionally, Yeongyang-gun supports interest subsidies, covering interest up to 3% annually for two years through interest rate support.
In February, the county revised its ordinance to increase the special guarantee limit from 20 million KRW to 30 million KRW and has been making additional contributions following the first half of the year. These efforts aim to provide practical management stability for small business owners facing difficulties due to high inflation and high interest rates.
County Governor Oh Do-chang stated, “Following the 100 million KRW contribution in the first half, the additional 150 million KRW contribution is expected to provide real help to small business owners struggling with management difficulties ahead of the Chuseok holiday. We will continue to do our best to revitalize the local economy by providing unwavering support to improve the business environment and conditions for small business owners.”
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