Ansan City Offers Special Guarantees of Up to 50 Million Won for Small Business Owners

On January 19, the city of Ansan in Gyeonggi Province announced that it will implement a “Special Guarantee Support Program for Small Business Owners” totaling 10 billion won, aiming to ease the burden on small businesses facing management difficulties.

This program is a guarantee system supported by funds contributed by the city to the Gyeonggi Credit Guarantee Foundation. Small business owners with low credit ratings or insufficient collateral can receive loans from financial institutions based on the city’s special guarantee.

This year, the city contributed 1 billion won to the Gyeonggi Credit Guarantee Foundation. Small business owners within the city can receive support of up to 50 million won per business within the guarantee limit of 10 billion won, which is ten times the amount of the city’s contribution. The city also plans to simplify the support process and shorten the issuance period for guarantee certificates.

Support will be provided on a first-come, first-served basis until the budget is exhausted. Small business owners wishing to apply for a loan can consult with and submit their application at the Ansan branch of the Gyeonggi Credit Guarantee Foundation.

Lee Minguen, Mayor of Ansan, stated, “We will continue to expand practical support that small business owners can truly feel through a variety of policies.”