Eunpyeong-gu Provides Special Credit Guarantee Contributions to Companies Affected by the 'Timef Incident'

Seoul Eunpyeong-gu (District Mayor Kim Mi-kyung) announced on the 7th that it signed a special credit guarantee business agreement the day before with Shinhan Bank, Woori Bank, Hana Bank, and the Seoul Credit Guarantee Foundation to alleviate the financial difficulties of small and medium-sized enterprises and small business owners in the district affected by the ‘Timeff Incident’.

According to the agreement, Eunpyeong-gu will contribute 150 million KRW, and Shinhan Bank, Woori Bank, and Hana Bank will each contribute 200 million KRW, totaling 750 million KRW to the Seoul Credit Guarantee Foundation. The foundation will use these funds to provide credit guarantees so that small business owners can receive loans within a limit of 9.375 billion KRW.

Small business owners wishing to receive guarantee support can apply for loans at commercial banks after receiving guarantee consultation and screening at the Seoul Credit Guarantee Foundation Eunpyeong branch and obtaining a credit guarantee certificate. However, industries restricted from re-guarantee, such as entertainment bars, are excluded from the guarantee.

This contribution is expected to help affected companies secure emergency funds. Additionally, various financial, legal, and management support services provided by Eunpyeong-gu are also available.

The district is implementing the ‘2024 Eunpyeong-gu Small and Medium Enterprise Development Fund Loan Support’ at an annual interest rate of 1.5%, offering up to 100 million KRW (50 million KRW for small business owners), providing rapid support through monthly rolling applications to help stabilize local businesses.

Furthermore, legal and tax consultations related to unpaid payments can be accessed for free by applying through the district office website for free legal counseling and cyber legal counseling, or through village lawyers and village tax accountants at community service centers.

District Mayor Kim Mi-kyung stated, “I hope that small business owners affected in the district can minimize their damages by utilizing the various financial, legal, and other support systems implemented by the district.”