No Guarantee Fees, No Credit Limit Screening, No In-Person Application... Busan Offers Guarantee Support up to 10 Million Won for Small Business Owners

'Hope Connection Account with Three Exemptions'
to Launch on July 17

The Busan Metropolitan Government (Mayor Park Hyungjoon) announced that it will launch the 'Hope Connection Minus Account Loan Guarantee for Small Business Owners with Three Exemptions' program, totaling 200 billion won, starting on July 17 to ease the financial burden on small business owners.

This initiative is a new financial support program following the 'Three Exemptions Hope Connection Credit Card' introduced earlier this year. Its key features are the 'three exemptions': exemption from guarantee fees, exemption from credit limit screening, and exemption from in-person application requirements.

The 'Hope Connection Account' allows each small business owner to access a minus account with a limit of up to 5 million won, linked to a check card, which can be used as operating funds. Applications are processed non-face-to-face, and users receive a cashback benefit of 3% of check card spending, up to 100,000 won per year, in the form of Dongbaekjeon cashback.

If small business owners use both the existing 'Three Exemptions Hope Connection Card' and this new account product, they can receive guarantee support of up to 10 million won, with a limit of 5 million won for each product. This is expected to provide substantial assistance to small business owners with limited financial resources.

Eligible applicants are small business owners who have operated their business in Busan for at least six months, have a NICE credit score of 595 or higher, and have either annual sales of at least 12 million won or an average monthly sales of at least 1 million won over the past three months. A credit score of 595 corresponds to the top 95.5% of the population.

Applications can be submitted via the Busan Bank mobile banking app starting July 17, and the entire process?from guarantee application and review to issuance of the guarantee certificate?can be completed on a smartphone. For those who have difficulty using digital services, it is possible to reserve a consultation on the Busan Credit Guarantee Foundation website and then visit a branch to apply in person.

Kim Bongcheol, Director of the Busan Digital Economy Bureau, emphasized, "We have planned more practical financial support for local small business owners facing cash flow difficulties amid challenging economic conditions," adding, "We will continue to support small business owners so they can recover, in cooperation with financial institutions."

Earlier, in March, the city increased the special fund for small businesses by 232.5 billion won, from 417.5 billion won to 650 billion won, through the first supplementary budget, demonstrating its commitment to supporting self-employed individuals during the economic downturn.