2.5% Annual Interest Subsidy for One Year
for Financially Vulnerable Small Business Owners
Changwon Special City in Gyeongnam is providing an emergency support fund of 10 billion KRW, called the 'Hope The Dream Special Fund,' to help small business owners in financial blind spots achieve real business recovery and a new leap forward.
The support is available to small business owners who are currently operating in Changwon Special City after business registration, and are repaying loans guaranteed by the Gyeongnam Credit Guarantee Foundation in installments, provided they meet at least one of the following criteria.
The eligible criteria are as follows: ▲ Low credit (personal credit score of the business owner is 839 or below) ▲ Low income (annual income of the business owner is 35 million KRW or less) ▲ Decreased sales (annual sales in 2024 decreased by 5% or more compared to 2023) ▲ Credit deterioration (credit score has dropped by at least one grade compared to the time of the existing loan) ▲ History of overdue repayment (record of overdue repayment within the last three months). Meeting any one of these conditions qualifies the applicant.
An annual interest rate subsidy of 2.5% will be provided for one year for loans up to 50 million KRW, and repayment can be made either in installments or as a lump sum.
Applications can be submitted from 9:00 a.m. on June 2 via the reservation system on the Gyeongnam Credit Guarantee Foundation website. Applicants should reserve a consultation date and time, then visit the branch on the scheduled date with their ID and required documents. Small business owners who have difficulty using the internet can contact the Gyeongnam Credit Guarantee Foundation Customer Support Center for assistance.
For more detailed information, please refer to the '2025 Hope The Dream Support Project Announcement' in the notices and announcements section of the Changwon Special City website.
Jang Geumyong, Acting Mayor of Changwon Special City, stated, "We hope this special fund will become a turning point for small business owners suffering from both the economic downturn and financial exclusion," adding, "The city will continue to develop customized support measures and selective, focused support tailored to local conditions to foster sustainable commercial districts and revitalize the local economy."
Meanwhile, in the first half of this year, Changwon Special City supported guarantees totaling 24 billion KRW for about 535 small businesses through its small business development fund program, contributing to reducing financial burdens and stabilizing business operations.
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