Gyeonggi Province Extends Special Guarantee Support Period for Content Companies to June 2023

[Suwon Ilbo=Park No-hun] Gyeonggi Province has extended the support period for Phase 3 special guarantee support for content companies to June 2023, a two-year extension.

The special guarantee support system for content companies is a program that provides guarantee support to small-scale content companies with innovative ideas and business success potential but facing difficulties in securing funds, enabling them to obtain loans from financial institutions.

Since 2010, the Province has been implementing special guarantee support projects for content companies together with cities and counties within the Province, the Gyeonggi Credit Guarantee Foundation, and the Gyeonggi Content Agency.

In Phase 1, 241 companies received 12.2 billion won in guarantee support, and in Phase 2, 730 companies received 31 billion won respectively. In Phase 3 in 2019, guarantee support of 18 billion won was provided to 433 companies across 24 cities and counties in the Province.

The 24 cities and counties are participants in the 2019 "Special Financial Support Cooperation Agreement for Strengthening Competitiveness of Gyeonggi Province Content Industry." The total support scale for Phases 1-3 is 1,404 companies and 61.2 billion won.

The Phase 3 support target includes 3,991 content companies located in 24 cities and counties, with a total guarantee scale of 30.52 billion won.

The guarantee limit is a maximum of 500 million won per company with a repayment period of 5 years. Companies can apply for guarantee screening through Gyeonggi Credit Guarantee Foundation branches.

Companies seeking financial support can inquire and apply through the Cyber Guarantee Center on the Gyeonggi Credit Guarantee Foundation website (www.gcgf.or.kr) or through Gyeonggi Credit Guarantee Foundation branches (main number 1577-5900).

Jang Woo-il, Director of Content Policy Division at Gyeonggi Province, said, "I hope that content companies with endless growth potential do not become discouraged due to difficulties in securing funds," and added, "There are many content companies facing difficulties due to COVID-19. We will actively support promising content companies to focus on revitalizing the local economy and creating jobs."