Korean Ceramic Foundation Partners with Gyeonggi Credit Guarantee Foundation to Support Ceramic Artists

[Suwon Ilbo=Park No-hoon Reporter] The Korean Ceramic Foundation is conducting a 'ceramic artist mutual prosperity special guarantee' loan support project together with the Gyeonggi Credit Guarantee Foundation to assist ceramic artists in the province experiencing management difficulties due to COVID-19.

This special guarantee project is designed to resolve funding shortages and stabilize management for ceramic artists whose sales have been affected by COVID-19. The Korean Ceramic Foundation will make a special contribution of 300 million won to the Gyeonggi Credit Guarantee Foundation, which will then issue special guarantee certificates to ceramic businesses, enabling them to receive low-interest loans quickly and easily.

The project will begin with the signing of a special guarantee support business agreement between the Korean Ceramic Foundation and Gyeonggi Credit Guarantee Foundation on the 24th, followed by approximately 3-4 weeks of preparation for establishing relevant regulations and developing computer systems before implementation. Any registered ceramic artist of the foundation who holds a business registration certificate from Gyeonggi Province can apply for the guarantee.

The total guarantee size of this project is 3 billion won, with a maximum loan guarantee application of 10 million won per business, and a guarantee period of up to 5 years with a 1-year grace period followed by equal principal and interest repayment over 4 years. The annual interest rate will be applied differentially at around 2.8% depending on the lending financial institution and individual credit rating.

In particular, the loan support recipients of this special guarantee project have the advantage of being able to receive duplicate benefits with other support projects such as emergency loans for small business owners supported by the government and commercial bank loan products.

Detailed eligibility requirements, application methods, and other information for guarantee applications can be found on the Korean Ceramic Foundation website (www.kocef.org).

Choi Yeon, Representative Director of the Korean Ceramic Foundation, said, "This special guarantee project was prepared as emergency support for ceramic artists in the province experiencing significant management difficulties due to COVID-19," and added, "Since duplicate benefits are possible with existing support projects, we hope that many ceramic businesses will apply and receive the necessary assistance to normalize their company operations."