Suwon City Expands Special Guarantee for SMEs from 24 Billion Won to 30 Billion Won This Year

Suwon City in Gyeonggi Province will expand its special guarantee program for small business owners to 30 billion won.

Suwon City has secured an additional 600 million won in the first supplementary budget for special guarantees to alleviate the financial burden on small business owners suffering from high interest rates and inflation. As a result, the total budget for special guarantees for small business owners this year amounts to 3 billion won, including 2.4 billion won from the main budget.

The special guarantee allows guarantees up to ten times the contribution budget.

The special guarantee and fee support program for small business owners provides both the special guarantee and the related fees for those whose low credit ratings make it difficult to obtain loans from standard financial institutions.

Suwon City Hall

The guarantee limit is up to 50 million won per business. The city will also support the special guarantee fee with up to 1% of the first-year loan amount (capped at 500,000 won per business) for small business owners who apply for the special guarantee.

Small business owners who have been registered for at least two months as of the application date and reside in Suwon City are eligible to apply. Applications can be made after a phone consultation (1577-5900) with the Gyeonggi Credit Guarantee Foundation, followed by an in-person visit. If the budget runs out, the support program may end early.

A Suwon City official said, "We hope that this special guarantee fee support program will provide tangible help to small business owners facing difficulties due to the economic downturn. We will continue to pursue policies that support the stable management and growth of small business owners."

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