Jongno-gu Offers Up to 100 Million KRW Special Guarantee for Unsecured Small Businesses and Small Merchants

218 Billion KRW Regional Economy Revitalization Guarantee Business Agreement

Jongno-gu, Seoul (District Mayor Jeong Munheon) announced on the 17th that it has signed a "Special Guarantee Joint Contribution Agreement for Regional Economic Revitalization" worth 21.8 billion KRW with Woori Bank, Hana Bank, Shinhan Bank, and the Seoul Credit Guarantee Foundation to support small and medium-sized enterprises and small business owners in the district.

For small businesses and small business owners who have difficulty obtaining loans due to insufficient collateral, Jongno-gu recommends credit guarantees, and the foundation issues guarantee certificates to enable loans through special credit guarantees.

The support targets small business owners who have business establishments in Jongno-gu and have registered their businesses, excluding those subject to guarantee prohibitions or restrictions. The guarantee limit per company is up to 100 million KRW, with a one-year grace period and a four-year equal installment repayment plan. The guarantee limit varies depending on credit rating.

The loan interest rate can receive support of 2% (for one year) from Jongno-gu and 1.8% (for four years) from Seoul City. Although the CD interest rate may fluctuate depending on the application date, this program offers more benefits compared to other credit guarantee products.

Applications can be made by consulting with the Seoul Credit Guarantee Foundation and obtaining a guarantee certificate, then proceeding with the loan process at one of Woori Bank, Hana Bank, or Shinhan Bank. Detailed information can be obtained at the Jongno branch of the Seoul Credit Guarantee Foundation.

District Mayor Jeong Munheon said, "I hope this agreement will be a great help to small and medium-sized enterprises and small business owners struggling with management difficulties," and added, "We will promote effective policies for small and medium-sized businesses in the district and strive to revitalize the local economy."