Up to 20 Million Won Per Business
Seo-gu District in Gwangju will provide an additional special guarantee for small business owners, totaling 6.52 billion won, to support those facing financial difficulties due to the prolonged construction of Subway Line 2.
Seo-gu, Gwangju held a special guarantee support agreement ceremony for small business owners on the 19th. Photo by Seo-gu, Gwangju
On the 19th, Seo-gu held the "2025 Special Guarantee Support Agreement Ceremony for Small Business Owners," attended by Seo-gu Mayor Kim Ikang, Kwangju Bank Vice President Lee Sangchae, and Gwangju Credit Guarantee Foundation Chairman Yeom Gyusong.
Under this agreement, Seo-gu District Office will contribute 300 million won, Kwangju Bank will convert the remaining 2.92 billion won limit from the 2022 and 2023 special guarantee projects, and Gwangju Credit Guarantee Foundation will provide a total credit guarantee of 6.52 billion won.
The special guarantee support is available to small business owners and self-employed individuals operating in Seo-gu. After review and guarantee by the Gwangju Credit Guarantee Foundation, unsecured loans of up to 20 million won per business can be obtained from Kwangju Bank for up to five years. Seo-gu will also subsidize loan interest up to 5% for a maximum of one year.
In particular, Seo-gu will prioritize support by allocating 3.6 billion won in guarantee limits by the end of the year for businesses located within a 300-meter radius of the Subway Line 2 construction site. For more details, inquiries can be made to the Seo-gu Small Business Management Support Center or the Seo-gu branch of the Gwangju Credit Guarantee Foundation.
Mayor Kim Ikang stated, "I hope this special guarantee will provide tangible help to small business owners struggling due to prolonged construction and the economic downturn," adding, "We will continue to promote various support policies to help revitalize local economies and strengthen the foundation for small business owners' independence."
Meanwhile, in February, Seo-gu implemented a special guarantee program worth 4.2 billion won to support small business owners facing management difficulties.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
