Suwon Expands Special Guarantee for Small Business Owners to 3 Billion Won

Suwon Special City (Mayor Lee Jae-jun) is expanding its special guarantee program for small business owners to 3 billion won, providing support to more small business owners.

Suwon City secured 600 million won in special guarantee budgets through the first supplementary budget to ease the financial burden on small business owners suffering from high interest rates and high prices. The total contribution budget for the small business owner special guarantee program increased to 3 billion won (24 billion won in the main budget).

The special guarantee program guarantees 10 times the contributed budget, with the guarantee size expanding from the existing 2.4 billion won to 3 billion won.

The budget for special guarantee fee support also secured 100 million won through the first supplementary budget, bringing the total budget to 240 million won (140 million won in the main budget).

The small business owner special guarantee and fee support project provides special guarantees and special guarantee fee support to small business owners who face difficulties in obtaining loans from general financial institutions due to low credit ratings.

The guarantee limit is up to 50 million won per business, and for small business owners who apply for special guarantees, the special guarantee fee is supported at 1% of the first-year loan amount (up to 500,000 won per business).

Small business owners residing in Suwon who have been registered as businesses for at least two months as of the special guarantee application date may apply. Applicants must first consult with Gyeonggi Credit Guarantee Foundation by phone (1577-5900) and then submit their application in person. If the budget is exhausted, the support program may end early.

A Suwon City official stated, "We hope the special guarantee fee support project for small business owners will provide practical assistance to small business owners facing difficulties due to economic downturn," and added, "We will continue to implement policies supporting stable management and growth of small business owners."