Gyeonggi Credit Guarantee Foundation Offers 10 Billion Won in Special Guarantees to Small Businesses Ahead of Chuseok

The Gyeonggi Credit Guarantee Foundation will launch a 10 billion won special guarantee program ahead of Chuseok, targeting small and medium-sized businesses and small business owners whose funding needs rise before the holiday.

The program runs through the 31st of next month and marks the first holiday-specific financial support measure since the launch of Gyeonggi’s ninth elected provincial administration. It aims to provide short-term liquidity for operating expenses, including raw-material purchases and labor costs.

Each small and medium-sized business can receive up to 500 million won, while small business owners can receive up to 50 million won. Actual support will depend on individual screening. Loans will be available through commercial banks other than internet-only banks and savings banks.

The program raises the guarantee ratio to 95% and fixes the annual guarantee fee at 0.9%. The guarantee lasts one year and requires lump-sum repayment at maturity, but borrowers can extend it annually up to four times within five years if necessary. Details are available through the foundation’s customer service center.