Namyangju City Expands Special Guarantees for Small Businesses to 31 Billion Won... 2nd-Largest in Gyeonggi Province

An additional 1 billion won allocated in the supplementary budget
Guarantee support worth 10 billion won
Loans of up to 50 million won per business
Interest subsidy budget increased by 100 million won

Namyangju City in Gyeonggi Province is expanding financial support for small business owners struggling with the economic downturn, high interest rates and weak domestic demand. The city plans to inject new vitality into the local economy by increasing this year's special guarantee program for small businesses to a total of 31 billion won.

A view of Namyangju City Hall. Photo provided by Namyangju City Hall.

Namyangju City Mayor Choi Hyun-deok announced on the 16th that the city had allocated an additional 1 billion won in contributions for the special guarantee program in its second supplementary budget and would provide an additional 10 billion won in guarantees.

With this additional support, the cumulative contributions to Namyangju City's special guarantee program for small businesses this year will reach 3.1 billion won, while the total guarantee amount will rise to 31 billion won. This is the second-largest amount among Gyeonggi Province's 31 cities and counties, after Hwaseong.

The special guarantee program provides guarantees through the Gyeonggi Credit Guarantee Foundation to small business owners who have difficulty obtaining loans from financial institutions because they lack sufficient collateral or have low credit ratings. Eligible small business owners can borrow up to 50 million won per business for operating expenses.

The city expects the expanded support to ease the business burden on small business owners facing difficulties securing funds and help stimulate consumer spending and economic activity in local commercial districts.

The city also plans to further strengthen the financial support available to local small business owners following the Gyeonggi Credit Guarantee Foundation's move of its headquarters to Dasan-dong, Namyangju, in July.

The city is also expanding support to reduce the burden of loan interest. In this supplementary budget, it allocated an additional 100 million won for interest subsidies on loans under the special guarantee program. The aim is to support business stability for small business owners by combining financing through the special guarantee program with measures to ease interest costs.

"Small business owners are an important pillar supporting the local economy," Namyangju Mayor Choi Hyun-deok said. "I hope this expansion of the special guarantee program will provide practical help to small business owners facing financial difficulties."

He added, "We will continue to provide active support to help small business owners maintain stable operations and revitalize the local economy."

More information about eligibility and application procedures for the special guarantee program is available through the Namyangju City website and the Gyeonggi Credit Guarantee Foundation.

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