Asan City Contributes 1 Billion KRW, NongHyup Bank and Hana Bank Each Provide 500 Million KRW
On May 23, the Chungnam Credit Guarantee Foundation announced that it had signed a business agreement with Asan City, NongHyup Bank, and Hana Bank to provide a total of 24 billion KRW in special guarantee support for small business owners.
The signing ceremony was attended by Oh Sehyun, Mayor of Asan, Park Jangsoon, Head of the Chungnam Regional Headquarters of NongHyup Bank, Lee Dongyeol, Deputy President of the Chungcheong Business Group at Hana Bank, and Cho Sohang, Chairman of the Chungnam Credit Guarantee Foundation. They agreed to cooperate to resolve funding difficulties for small business owners in Asan and to revitalize the local economy.
This agreement is based on the creation of a 2 billion KRW fund, with Asan City contributing 1 billion KRW and NongHyup Bank and Hana Bank each contributing 500 million KRW.
The Chungnam Credit Guarantee Foundation plans to provide low-interest credit guarantees totaling 24 billion KRW, which is 12 times the amount of the contributed funds.
The support is available to small business owners with business locations in Asan, with each business eligible to receive guarantee support of up to 50 million KRW.
The loan interest rate will be in the high 2% range, and the guarantee period can be set for up to seven years to ease the repayment burden.
Oh Sehyun, Mayor of Asan, stated, "This agreement is the first substantial step for the livelihood economy since the launch of the 8th popularly elected administration, and I hope it will serve as a starting point for solving the financial problems of small business owners and self-employed individuals."
Cho Sohang, Chairman of the Chungnam Credit Guarantee Foundation, also said, "With a total contribution of 2 billion KRW, we are now able to provide an additional 24 billion KRW in guarantees. We will actively promote the special guarantee program to small business owners who may not be familiar with it, so that more people can benefit."
Meanwhile, Asan City plans to launch the 'Emergency Livelihood Economy Special Committee' next month and has also announced plans to expand special guarantee support for small business owners to a total of 50 billion KRW, which is expected to further accelerate support for local small business owners.
Guarantee applications can be made at the Asan branch of the Chungnam Credit Guarantee Foundation or through the Bojeung Dream app.
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