Gwangju City, Gyeonggi Province (Mayor Bang Se-hwan) announced on the 2nd that it will promote the ‘2025 Special Guarantee Project for Small Business Owners’ to support small business owners facing management difficulties due to lack of funds, in order to eliminate domestic and international uncertainties and focus on ‘stabilizing people’s livelihoods.’
The Special Guarantee Project for Small Business Owners is a system where the city contributes a budget to the Gyeonggi Credit Guarantee Foundation to support small business owners in obtaining loans.
Gwangju City contributed 1.4 billion KRW, and small business owners can receive support up to 50 million KRW within a guarantee scale of 14 billion KRW, which is ten times the contribution amount.
Gwangju City expects that through the promotion of the special guarantee project, small business owners who have technological skills and growth potential but have difficulty securing management funds due to not qualifying for guarantees under general criteria will be able to receive timely financial support, overcome liquidity crises, and achieve management stabilization and growth.
Mayor Bang Se-hwan said, “We plan to expand various management support policies to help small business owners overcome difficulties caused by the economic downturn and contraction of the domestic market,” adding, “We hope this project will help stabilize the management of small business owners.”
Meanwhile, the city started the Special Guarantee Project for Small Business Owners in 2009 with 500 million KRW, and so far has contributed a total of 8.6 billion KRW, executed 3,727 loans, and guaranteed 84.5 billion KRW.
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