Gyeonggi Credit Guarantee Foundation and Junggi Bank Contribute 5 Billion KRW... 75 Billion KRW Guarantee for Local Small Business Owners

The Gyeonggi Credit Guarantee Foundation will provide guarantee support totaling 75 billion KRW by receiving a contribution of 5 billion KRW from Industrial Bank of Korea.

On the 18th, Gyeonggi Credit Guarantee Foundation announced that it signed the "2024 IBK-Gyeonggi Credit Guarantee Foundation Special Contribution Agreement for Small Enterprises and Small Business Owners in Gyeonggi Province Bringing Happiness" at the IBK headquarters on the 14th.

According to this agreement, IBK will deliver a special contribution of 5 billion KRW to Gyeonggi Credit Guarantee Foundation. Based on this, the foundation will provide new guarantees worth 75 billion KRW to support small business owners in the province in obtaining operating funds.

Gyeonggi Credit Guarantee Foundation signed a business agreement for mutual growth contributions tailored to small and medium-sized enterprises and local communities on the 14th. Photo by Gyeonggi Credit Guarantee Foundation

If selected as a support target, up to 50 million KRW per company can be supported. The guarantee period is up to 5 years. In addition, to reduce the financial burden on small business owners, the guarantee ratio is preferentially applied from the existing 85% to 100%, and the guarantee fee rate is fixed at 0.75%, which is 0.25% lower than the general product guarantee fee rate.

Gyeonggi Credit Guarantee Foundation plans to provide a system where loans can be executed on the same day as application through the mobile app "Easy-One," which allows small business owners to easily apply for guarantees without visiting or submitting documents, ensuring timely funding support.

Si Seok-jung, Chairman of Gyeonggi Credit Guarantee Foundation, said, "We expect this agreement to play a role not only in overcoming the crisis of small enterprises and small business owners in Gyeonggi Province but also as a safety net for economic revitalization and the livelihood economy," adding, "Gyeonggi Credit Guarantee Foundation will continue to do its best to support the smooth landing of small enterprises and small business owners in the province."