Ulsan City Joins Forces to Support Small Business Financial Aid

Ulsan Gyeongnam Bank Donates 3 Billion KRW Special Contribution

Ulsan Credit Guarantee Foundation Provides 45 Billion KRW Guarantee Support

Ulsan City, Ulsan Credit Guarantee Foundation, and Ulsan Gyeongnam Bank are joining forces to support local small business owners financially.

On the 23rd, Ulsan City announced that it will hold a ‘Special Contribution Fund (3 billion KRW) Handover Ceremony’ and a ‘Win-Win Finance Business Agreement Ceremony’ with Ulsan Credit Guarantee Foundation and Ulsan Gyeongnam Bank at the city hall yard to support small business owners facing financial difficulties due to the economic downturn.

The agreement ceremony will be attended by Ulsan Mayor Kim Doo-gyeom, Kim Yong-gil, Chairman of Ulsan Credit Guarantee Foundation, Ye Kyung-tak, President of Ulsan Gyeongnam Bank, and Lee Sang-bong, Head of Ulsan Sales Headquarters, among others.

At the ‘Special Contribution Fund Handover Ceremony,’ Ulsan Gyeongnam Bank will donate 3 billion KRW as a special contribution fund to Ulsan City to support guarantee assistance for local small business owners.

The Ulsan Credit Guarantee Foundation will receive the 3 billion KRW from Ulsan City and provide guarantee support worth 45 billion KRW, which is 15 times the amount.

The subsequent ‘Win-Win Finance Business Agreement’ for small business owners’ hope-sharing includes mutual cooperation between Ulsan City and Ulsan Gyeongnam Bank to provide efficient financial support to small business owners experiencing temporary financial difficulties.

According to the agreement, Gyeongnam Bank will inject a total of 10 billion KRW in funds and provide low-interest financial support.

Small business owners with an annual income of 40 million KRW or less will be supported with unsecured and non-guaranteed funds up to a limit of 20 million KRW, repayable in installments within five years. However, those currently overdue or with bad credit are excluded.

Small business owners wishing to apply for the special loan can visit Ulsan Gyeongnam Bank branches located in the Ulsan area for consultation and application.

Ulsan City stated, “We find it meaningful that financial institutions based in the region are actively taking the lead in supporting local small business owners,” and added, “We hope this financial support will bring a small hope to local small business owners.”

Since 2019, Ulsan City and Ulsan Gyeongnam Bank have been supporting special funds for six consecutive years through this agreement to assist local small business owners facing difficulties in securing funds.