Pyeongtaek City Launches 15 Billion Won Special Guarantee Program to Support Small Businesses

Up to 50 Million Won in Loan Support

Pyeongtaek City in Gyeonggi Province announced on January 9 that it will implement a special guarantee support program worth 15 billion won to assist small business owners struggling due to the economic downturn and rising prices.

This program is designed for small business owners in Pyeongtaek who have difficulty obtaining loans from financial institutions due to insufficient collateral. The city will contribute funds to the Gyeonggi Credit Guarantee Foundation to provide guarantees, enabling these business owners to secure loans from commercial banks.

The support is available to small business owners based in Pyeongtaek who have held a business registration for more than two months. The maximum loan amount available through the guarantee support is 50 million won, and the loan can be extended for up to five years. Pyeongtaek City also plans to reduce the financial burden on small business owners by providing both guarantee and interest subsidy support.

Small business owners wishing to apply can submit an application to the Pyeongtaek branch of the Gyeonggi Credit Guarantee Foundation, receive a guarantee certificate, and then proceed with the loan at one of six financial institutions: Nonghyup Bank, Shinhan Bank, Woori Bank, KB Kookmin Bank, Industrial Bank of Korea, and Hana Bank.

Pyeongtaek Mayor Jung Jangsun stated, "We will continue to expand support in cooperation with the city council to create a stable business environment for small business owners and to help restore the local economy."