Goseong County Continues Special Guarantee Program for Small Business Owners
50% Guarantee Fee Reimbursement Offered
Focused on Closing Financial Support Gaps
On January 19, Goseong County in Gangwon Province announced that it will continue the "Special Guarantee Support Program for Small Business Owners" this year, following last year, to assist local small business owners who are struggling with management difficulties due to high inflation and high interest rates.
This program is designed to help small business owners who lack sufficient collateral and therefore have difficulty obtaining bank loans. With funding provided by Goseong County, these business owners can receive a guarantee certificate from the Gangwon Credit Guarantee Foundation, enabling them to access funds at low interest rates.
In 2025, the county supported a total of 35 small business owners with guaranteed loans amounting to 1 billion won, providing much-needed liquidity to micro-enterprises facing financial hardship. Building on this successful track record, the county plans to continue serving as a reliable safety net for small business owners this year.
This year, eligible applicants are small business owners (sole proprietors) who have operated their business and maintained resident registration in Goseong County for at least three months. The program offers a guarantee of up to 50 million won per business, with a guarantee period of up to two years and a fixed guarantee fee rate of 0.8% per year.
In particular, the county plans to relax guarantee screening criteria so that even micro-business owners with low credit scores, who have difficulty accessing first-tier financial institutions, can benefit from the program. This aims to address financial blind spots in the community.
The county will also provide support for guarantee fees to help small business owners reduce their actual costs. Up to 50% of the annual 0.8% guarantee fee incurred at the time of loan execution will be reimbursed retroactively for up to one year.
Additionally, if participants combine this program with the county’s separate "SME Nurturing Fund Interest Subsidy Program," a significant portion of the loan interest can be subsidized, allowing small business owners to access management funds at rates close to ultra-low interest.
Small business owners wishing to apply can visit the Gangwon Credit Guarantee Foundation or the NH Nonghyup Bank Goseong County branch for consultation and application. Non-face-to-face applications are also possible through the online app (Bojeung Dream). For more details, refer to the announcements section on the county office website.
A county official stated, "Small business owners are the lifeblood and backbone of Goseong's local economy. We hope that this special guarantee support will serve as much-needed relief for those struggling with financial difficulties, helping to revitalize the local economy."
Meanwhile, in addition to the special guarantee program, Goseong County is implementing a variety of measures to boost the local economy and strengthen the self-sufficiency of small business owners, such as facility modernization projects and expanded issuance of Goseong Love Gift Certificates.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
