Buk-gu Gwangju Offers 'Three-No' Special Guarantee to Ease Small Business Management Difficulties

A Total of 5.27 Billion KRW...
The Largest Scale Among Local Autonomous Districts

Buk-gu in Gwangju is providing a special guarantee program with three exemptions (no collateral, no interest, no guarantee fee) to support the business stability of small business owners.

According to Buk-gu on the 17th, this program offers up to 20 million KRW (30 million KRW for those restarting their businesses) to local tenant small business owners without collateral, with no interest (the entire annual interest rate up to 5.5% is covered), and no guarantee fee (0.7% of the loan amount for one year).

Gwangju Bukgu District Office building exterior.

This year, Buk-gu and 14 regional banks participating in the agreement have contributed 430 million KRW to the Gwangju Credit Guarantee Foundation, making it the largest among Gwangju's autonomous districts with a total scale of 5.27 billion KRW.

Of this, 300 million KRW of the guarantee support fund has been prioritized for the local tourism industry, which has been on the verge of collapse since the Jeju Air passenger plane accident in December last year, and the guarantee limit has also been increased to 30 million KRW.

Those wishing to apply for the special guarantee can contact the Gwangju Credit Guarantee Foundation or the Small Business Support Division at the district office.

District Mayor Moon In said, "We will do our best to implement highly effective policies that provide practical help to local small business owners who are struggling in the frozen economic situation caused by last year's sudden martial law."