Gumi City Signs Special Guarantee Agreement Worth 2.98 Billion Won with iMBank... 72 Billion Won Financial Support for Small Business Owners

With a Total Contribution of 6 Billion KRW, Guarantee Support Expanded by 12 Times...
Annual 3% Interest Subsidy and Loans Up to 70 Million KRW Available

Gumi City in North Gyeongsang Province has taken another step to provide financial support for local small business owners.

On the 8th, the city signed a 'Small Business New Hope Special Guarantee Contribution Agreement' with iM Bank and agreed to contribute a total of 2.98 billion won, with 1.49 billion won each to the Gyeongbuk Credit Guarantee Foundation. (From left: Kim Jungkwon, Kim Jangho, Hwang Byungwoo)

On the 8th, the city signed a "Special Guarantee Contribution Agreement for New Hope for Small Business Owners" with iM Bank, agreeing to contribute 1.49 billion KRW each, totaling 2.98 billion KRW, to the Gyeongbuk Credit Guarantee Foundation.

This, combined with the previously agreed 3.02 billion KRW with Hana Bank, NH Nonghyup, KB Kookmin Bank, and Gumi City Forestry Cooperative, establishes a total special guarantee fund of 6 billion KRW.

This fund will be used by the Gyeongbuk Credit Guarantee Foundation to provide loan guarantees totaling 72 billion KRW, which is 12 times the original amount. This is the largest scale ever for a special guarantee support program.

Small business owners can receive a guarantee certificate from the Gyeongbuk Credit Guarantee Foundation and then obtain loans of up to 50 million KRW from participating local financial institutions. Young entrepreneurs, Good Price Store owners, and business owners with large families can borrow up to 70 million KRW. To alleviate the interest burden, the city will subsidize 3% annual interest for two years.

Kim Jangho, mayor of Gumi, stated, "We hope this agreement will provide practical help to local small business owners," and added, "We will work to secure additional funding with the goal of supporting special guarantees totaling 100 billion KRW within the year."

Meanwhile, counseling and applications for the special guarantee are available through the Gyeongbuk Credit Guarantee Foundation website and AI call center.