Pohang City to Establish Nationwide Largest 200 Billion KRW Special Guarantee Fund for Small Business Owners

Regional Financial Cooperation Meeting with Financial Institutions Held to Discuss Support Measures for Small Business Owners

The City Will Make Every Effort to Attract Financial Institution Investments to Expand Special Guarantee Funds

On the 29th, Pohang City held a meeting in the city hall's large conference room with local financial institution officials to discuss revitalizing the regional economy.

Pohang City to Establish Special Guarantee Fund of 200 Billion KRW for Small Business Owners, the Largest Nationwide. Provided by Pohang City

The meeting was organized to discuss cooperative financial support measures for small business owners facing difficulties due to prolonged high interest rates, domestic economic downturn, and worsening business conditions.

The meeting was attended by Pohang Mayor Lee Kang-deok, key financial institutions, and representatives from the Gyeongbuk Credit Guarantee Foundation. They introduced Pohang City's policies and economic trends and focused on creating a favorable financial environment for small business owners, the backbone of the local economy.

This year, the city secured 111.4 billion KRW in special guarantee funds to alleviate the financial difficulties of small business owners struggling amid the ongoing economic crisis.

The funding was raised through a 1:1 matching project in cooperation between financial institutions and local governments. This public-private partnership project is the first of its kind nationwide, and the amount raised this year is also the largest in the country.

At this meeting, the city presented plaques of appreciation to the financial institutions and the Gyeongbuk Credit Guarantee Foundation participating in this year's special guarantee support project. Mayor Lee Kang-deok delivered a special lecture titled "Pohang, the Sustainable Hub City of the East Sea, with the Top Priority of City Administration Being the Livelihood of the People," urging financial institution officials to continue being reliable partners of Pohang and strong pillars of the grassroots economy.

Pohang City aims to raise 200 billion KRW in guarantee funds next year with the participation of more financial institutions and plans to continuously expand the special guarantee funds in the future.

Recognizing that the prolonged economic downturn has intensified difficulties for small business owners in the region, the city plans to actively collaborate with financial institutions to establish a financial support network and provide assistance to small business owners to overcome the livelihood economic crisis.

Additionally, the city will implement the Small Business Owner Childcare Support Project, which provides substitute workforce support to help small business owners maintain business continuity, addressing the blind spots in low birthrate support measures.

Furthermore, the city will support small business growth led by commercial districts in the ontact era through live commerce broadcasting support and online shopping mall entry support projects. It will also continue the Small Business Owner New Wind Change-Up Project, which strengthens competitiveness by supporting card fee subsidies for micro small business owners and improving store environments.

Mayor Lee Gang-deok of Pohang said he will do his best to attract financial institution investments for the 200 billion won special guarantee for small business owners. Provided by Pohang City

Mayor Lee Kang-deok stated, "The special guarantee project for small business owners, who serve as the backbone of the grassroots economy, is recognized as a model case of win-win cooperation between local governments and financial institutions. We will do our best to encourage the participation of many financial institutions and expand support so that small business owners do not face difficulties in securing funds and can create a sustainable commercial ecosystem."