Changwon City Signs Agreement with Gyeongnam Bank and Gyeongnam Credit Guarantee Foundation to Support Small Business Promotion Fund
Hong Nampyo, Mayor: "We will do our best to prepare support measures for small business owners tailored to local conditions"
On the 10th, Changwon Special City in Gyeongnam signed a 'Changwon City Small Business Promotion Fund Expansion Support Agreement' with Gyeongnam Bank and Gyeongnam Credit Guarantee Foundation in the city reception room.
Changwon Special City, Gyeongnam Bank, and Gyeongnam Credit Guarantee Foundation Sign Business Agreement to Support Small Business Development Funds.
The signing ceremony was attended by Hong Nampyo, Mayor of Changwon Special City, Ye Kyungtak, President of Gyeongnam Bank, Lee Hyogeun, Chairman of Gyeongnam Credit Guarantee Foundation, and other officials from each institution. The agreement was established to provide financial support measures to small business owners facing difficulties in securing funds due to an uncertain business environment, aiming to create sustainable commercial districts and revitalize the local economy.
In particular, this agreement expands the loan scale to a total of 24 billion KRW by Changwon City and Gyeongnam Bank each contributing 1 billion KRW, increasing support by 14 billion KRW compared to the first half of the previous year. In addition to the contributions, the city will support 2.5% interest on the guarantee fund for one year, Gyeongnam Bank will implement the loans, and Gyeongnam Credit Guarantee Foundation will issue loan guarantees to small business owners.
Small business owners can receive benefits of up to 50 million KRW per company with interest compensation at an annual rate of 2.5% for one year. Repayment methods include lump-sum repayment at maturity after one year or equal installment repayment over four years following a one-year grace period.
Applications will be accepted from 9 a.m. on the 11th through the reservation system on the Gyeongnam Credit Guarantee Foundation website. After applying for guarantee consultation and undergoing guarantee screening, applicants can receive a guarantee certificate and then obtain a loan from Gyeongnam Bank. For more details, inquiries can be made to the Gyeongnam Credit Guarantee Foundation.
Mayor Hong Nampyo said, "I hope this win-win agreement between the local government and financial institutions will help small business owners struggling with financial difficulties," and added, "The city will do its best to prepare support measures for small business owners tailored to local conditions for a swift recovery of the local economy."
Meanwhile, last year, the city supported guarantees worth 45 billion KRW for about 1,400 small business owners in the area, contributing to reducing financial burdens and stabilizing management.
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