Gyeonggi Province Establishes Permanent Gyeonggi Credit Guarantee Foundation Branch Offices in Four Northeastern Districts for Balanced Regional Development

[Suwon Ilbo=Reporter Park No-hoon] Gyeonggi Province announced on the 18th that it has decided to expand and operate the Gyeonggi Credit Guarantee Foundation's mobile counseling centers in four northeastern districts including Dongducheon as permanent branch offices to improve financial infrastructure in the region.

The Gyeonggi Credit Guarantee Foundation is the sole policy finance institution of Gyeonggi Province, providing substantial financial support through guarantee programs to small and medium-sized enterprises and small business owners in the province who have viable business plans and technological capability but face difficulty obtaining financing from financial institutions due to insufficient collateral.

Currently, the foundation operates main branch offices in 25 of the province's 31 districts and cities, and also provides counseling and guarantee application services through online channels (PC and mobile).

This expansion of permanent branch offices aims to lay the foundation for balanced regional development by addressing financial blind spots and to support rapid economic recovery in local areas affected by COVID-19 through timely capital supply.

The target areas are four northeastern districts—Yangpyeong County, Dongducheon City, Gapyeong County, and Yeoncheon County—among the six districts and cities that currently do not have Gyeonggi Credit Guarantee Foundation main branch offices.

The target areas were selected through comprehensive consideration of population size, aging demographics, accessibility, and regional characteristics.

These districts have operated mobile counseling centers instead of main branch offices to provide financial consultation services; however, with staff working only twice per week for 2 to 6 hours per day, it was difficult for residents to receive services in a timely manner.

Moreover, given that these areas are urban-rural complexes, many elderly residents have difficulty using mobile devices or computers (PCs), making in-person counseling more necessary than online counseling methods.

The expansion to permanent branch offices differs from the existing limited-service mobile counseling centers in that they will operate five days per week (Monday through Friday) for seven hours (9 a.m. to 4 p.m.) like main branch offices, and will conduct guarantee operations including financial consultation services.

The province plans to begin operating permanent branch offices in regions that complete preparation procedures including stationing permanent staff and setting up office facilities, with all four districts and cities expected to transition to permanent branch offices by the first half of this year.

Kim Sang-su, director of the Regional Finance Division, stated, "In response to the rapid changes in economic and social environments due to COVID-19, we have decided to operate Gyeonggi Credit Guarantee Foundation branch offices on a permanent basis to promptly address residents' financial difficulties," and added, "We expect that operating permanent branch offices will contribute to balanced development of Gyeonggi Province and improve residents' convenience in accessing financial support services."