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

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

Suwon City secured 600 million won in special guarantee budget through the first supplementary budget to alleviate financial burdens on small business owners suffering from high interest rates and inflation. The total contribution budget for the small business owner special guarantee program has increased to 3 billion won (24 billion won in the original budget).

The special guarantee provides guarantees at 10 times the contributed budget, expanding the guarantee amount from the existing 2.4 billion won to 3 billion won.

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

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

The guarantee limit is a maximum of 50 million won per business, and small business owners who apply for the special guarantee will receive support for the special guarantee fee of 1% (maximum 500,000 won per business) of the loan amount for the first year.

Small business owners residing in Suwon City who have been registered as business operators for at least two months as of the special guarantee application date are eligible to apply. Applicants must receive phone consultation (1577-5900) at the Gyeonggi Credit Guarantee Foundation and then visit in person to apply. The support project may end early if the budget is exhausted.

A Suwon City official said, "We hope the special guarantee fee support program for small business owners will be substantially helpful to those facing difficulties due to economic downturn," and added, "We will continue to implement policies supporting stable management and growth of small businesses."