Business · Companies · 2 hrs ago
Gangdong expands credit guarantees for small businesses to 74.73 billion won
Gangdong District in Seoul is expanding credit guarantees for local small businesses through an agreement with Saemaul Geumgo and the Seoul Credit Guarantee Foundation.
Saemaul Geumgo will contribute 200 million won, enabling the foundation to provide an additional 25 billion won in guarantees.
The district says this brings the program’s total size to a record 74.73 billion won.
Businesses must be small firms or small businesses registered in Gangdong for at least three months, and firms that received support in the past year are not eligible.
After review, each business can receive up to 70 million won, or up to 100 million won for preferred groups such as local volunteers.
Repayment can take up to five years, with a one-year grace period followed by instalments among the available arrangements.
By the end of October, the program had provided 527 billion won in guarantees to 1,532 businesses, and the district says it will continue policies involving private and financial partners.
Gangdong District has expanded its credit guarantee program for small businesses to a record 74.73 billion won.
The expansion follows a 200 million won contribution from Saemaul Geumgo, which enables an additional 2.5 billion won in guarantees from the Seoul Credit Guarantee Foundation.
Eligible businesses can receive up to 70 million won, or up to 100 million won for priority groups such as local volunteers.
The district said it had provided 52.7 billion won in guarantees to 1,532 businesses by the end of October.
- Who
- Gangdong District, Saemaul Geumgo and the Seoul Credit Guarantee Foundation.
- What
- The district expanded its special credit guarantee program for small businesses to 74.73 billion won.
- When
- The agreement was signed on October 30 and announced on November 2.
- Where
- Gangdong District, Seoul, South Korea.
- Why
- Saemaul Geumgo contributed 200 million won, allowing the foundation to provide an additional 2.5 billion won in guarantees.
This story does not have two clearly opposing sides.
Gangdong District signed an agreement with Saemaul Geumgo and the Seoul Credit Guarantee Foundation.
The district said it had provided 52.7 billion won in guarantees to 1,532 businesses by the end of the month.
The district announced the agreement and the expanded program.
- Total program guarantees
- 74.73 billion won
- Saemaul Geumgo contribution
- 200 million won
- Additional guarantees
- 2.5 billion won
- Maximum per business
- 70 million won; 100 million won for priority groups
- Guarantees provided by end of October
- 52.7 billion won to 1,532 businesses
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What people are saying
I thank Saemaul Geumgo for helping secure the funds.
We will continue to pursue win-win cooperation policies involving the private sector and financial institutions.