Gwangju Gwangsan-gu Offers 'Three-No' Special Guarantee for Small Business Owners in Management Crisis

No Collateral, No Interest, No Guarantor...
A Program Worth 4.71 Billion KRW

Gwangsan-gu in Gwangju is providing a special guarantee program with "three no's" (no collateral, no interest, no guarantor) to support the business stability of small business owners.

Gwangsan District Office in Gwangju.

According to Gwangsan-gu on the 18th, local small business owners and small enterprises can receive support of up to 20 million KRW per person. Loan repayment can be chosen between a lump-sum payment after one year or equal installment payments of principal over four years with a one-year grace period.

This year, six regional banks participating in the agreement have contributed 390 million KRW, making the total scale of the program 4.71 billion KRW. The district will subsidize 4.5% of the annual loan interest.

Applications can be made at NH Bank, Gwangju Eoryong Credit Union, Gwangju Hanam Credit Union, Usan Credit Union, Seogwangju Saemaeul Geumgo, and Hanmaeum Saemaeul Geumgo after consultation and issuance of a guarantee certificate from the Gwangju Credit Guarantee Foundation, until the budget is exhausted. For more details, please contact the Gwangju Credit Guarantee Foundation.

District Mayor Park Byungkyu said, "I hope the special guarantee loan for small business owners will be helpful to local small business owners amid difficult economic conditions."