Ulju County in Ulsan is implementing the region's first-ever public-private partnership "Special Guarantee Project for Small Business Owners" with a total scale of 60 billion KRW, aiming to alleviate financial difficulties faced by local small business owners.
On May 13, Ulju County held a business agreement ceremony for the "Special Guarantee Support Project for Small Business Funds" at Munsu Hall in the county office.
Ulju County held a business agreement ceremony for the "Special Guarantee Support Project for Small Business Funds" on the 13th at Munsu Hall in the county office and took a commemorative photo. Provided by Ulju County
The agreement includes Ulju County, Ulsan Credit Guarantee Foundation, and five financial institutions: Kyongnam Bank, Nonghyup Bank, Hana Bank, Kookmin Bank, and Shinhan Bank.
According to the agreement, Ulju County and the participating financial institutions will each contribute 2.5 billion KRW, for a total joint fund of 5 billion KRW. Based on this, the Ulsan Credit Guarantee Foundation will provide loan guarantees of up to 60 billion KRW.
The support is available to small business owners operating within Ulju County. Anyone who is subject to a credit score evaluation can apply, regardless of their credit rating. However, those who are delinquent or in arrears are excluded.
This special guarantee offers broader support compared to existing loans. The loan limit has been increased by 20 million KRW to a maximum of 80 million KRW, and a 3% annual interest subsidy will be provided for two years. If a 100% guarantee certificate from the Ulsan Credit Guarantee Foundation is issued, refinancing as well as overlapping loans with Ulsan City funds are allowed. However, loans can only be executed through the financial institutions participating in the agreement.
Applications for the project will begin with the first round of submissions on May 28 and will be accepted sequentially until funds are exhausted. The second round of applications is scheduled to take place in August.
An official from Ulju County stated, "This special guarantee project is Ulsan's first financial support model led by Ulju County in cooperation with private financial institutions, and it will provide substantial help to local small business owners struggling amid the economic downturn." The official also expressed hope that the project would become a successful example of public-private cooperation.
For more details, please refer to the Ulju County website or contact the Nam-Ulsan or Seoul-San branches of the Ulsan Credit Guarantee Foundation.
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