Bucheon City to Launch 6 Billion Won Special Guarantee Program for Small Businesses Early in June

Bucheon City, Gyeonggi Province, has announced that it will advance the start date for the second half special guarantee program for small business owners, which was originally scheduled to begin accepting applications in July, to June 1.

The city explained that the business environment for small business owners has deteriorated due to rising raw material prices resulting from the prolonged Middle East conflict, as well as shrinking consumer demand. In response, Bucheon will provide its 600 million won second-half contribution earlier than planned, operating a total of 6 billion won in special guarantees.

Through this initiative, small business owners will be eligible to receive guarantee support of up to 50 million won per business, and the city will provide an annual 2% interest subsidy for one year upon loan execution.

Bucheon City Hall

Small business owners who wish to receive special guarantee and interest subsidy support can visit the Bucheon branch of the Gyeonggi Credit Guarantee Foundation to apply.

The special guarantee program for small business owners is designed to support those who have difficulty securing loans from financial institutions due to insufficient collateral, by allowing them to obtain funding through guarantees provided by the Gyeonggi Credit Guarantee Foundation.

A Bucheon City official stated, "By implementing the special guarantee program earlier, we aim to proactively respond to the funding needs of small business owners."

This content was produced with the assistance of AI translation services.