Ulsan City, BNK Ulsan Gyeongnam Bank, and Credit Guarantee Foundation Launch 'Special Guarantee Program for Women Entrepreneurs' to Address Female Population Outflow

Agreement Signed for "Ulsan Women’s Startup Special Guarantee Support Program" on September 15

On September 15 at 10:30 a.m., the Ulsan Metropolitan Government will sign an agreement for the "Ulsan Women’s Startup Special Guarantee Support Program" with BNK Ulsan Gyeongnam Bank and the Ulsan Credit Guarantee Foundation in the reception room on the 7th floor of the main building at Ulsan City Hall.

This agreement was established to help reduce the outflow of the female population and to resolve financial difficulties faced by early-stage startups.

The core of the agreement is to provide guarantee support totaling 1.2 billion won, based on a 100 million won contribution from the Ulsan Metropolitan Government.

The support targets are companies led by women who have registered their residence in Ulsan and operate a business within the city, with less than seven years since their establishment. Applications will be accepted starting September 22 until the funds are exhausted.

Under the agreement, BNK Ulsan Gyeongnam Bank will provide the actual loans, applying an interest rate lower than the prevailing market variable rate. In addition, a special preferential rate for women entrepreneurs of up to 1% will be offered to further reduce interest burdens.

The Ulsan Credit Guarantee Foundation will guarantee up to 10 million won in operating funds per company for up to five years, lowering the guarantee fee rate from the current 1.0% per annum to 0.7%. Furthermore, the foundation will ease credit score restrictions and simplify the guarantee review process to lower the application threshold.

The Ulsan Metropolitan Government will secure guarantee funds to support the system and provide a foundation to promote women’s entrepreneurship and encourage them to settle in the region.

Mayor Kim Doo-gyeom stated, "We have lowered financial entry barriers to create a virtuous cycle ecosystem of jobs, startups, and settlement," adding, "Through this agreement, we will actively support women’s entrepreneurial challenges, leading to local settlement and job creation."