System to Ease the Burden on Small Business Owners
and Revitalize the Local Economy
Seongju-gun, Gyeongbuk Province, is implementing various measures to alleviate the difficulties of local small business owners amid the economic downturn caused by a series of domestic and international adverse factors.
On the 13th, Seongju-gun announced that it will launch the 2025 Small Business Special Guarantee Support Project with a budget of 6 billion KRW starting from the 20th to support local small business owners struggling due to the economic recession.
This project is a guarantee system that allows local small business owners facing financial difficulties or lacking collateral to receive loans. Seongju-gun will contribute 300 million KRW, and NH Nonghyup Seongju Branch will contribute 200 million KRW, providing a special guarantee worth 6 billion KRW, which is 12 times the contribution amount and the largest ever.
The guarantee limit is up to 30 million KRW per business. The loan repayment methods include lump-sum repayment (initial 2 years handling followed by annual extensions) and installment repayment (2-year grace period with 3 years of equal monthly principal repayments), with a maximum term of 5 years. Businesses excluded by ordinance or those with overdue local taxes are restricted from applying.
Applications will be accepted from the 20th until funds are exhausted. Submission locations include the Gyeongbuk Credit Guarantee Foundation (Chilgok branch) and local financial institutions, and applications can also be made online.
Lee Byung-hwan, the mayor of Seongju-gun, said, “We hope this project will provide some support to small business owners and help restore vitality to the local economy.”
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