Special Guarantee for Small Businesses in Suwon City

The city of Suwon guarantees up to 50 million won per company as a ‘special guarantee for small businesses’. The special guarantee fee is supported up to 500,000 won.

Special guarantee is for small and medium-sized businesses and small business owners who are unable to obtain loans from banks due to lack of collateral or whose financial situation is poor. It is a system that guarantees with a relaxed screening method so that you can get a loan from a financial institution at a low interest rate.
The Credit Guarantee Foundation guarantees 20 billion won, 10 times the contribution. The guarantee limit is 50 million won per company.

Small business owners residing in Suwon who have been registered for more than 2 months as of the special guarantee application date can apply. . After a telephone consultation with the Gyeonggi Credit Guarantee Foundation, applications must be made in person by December 31st (031-888-5454, 1577-5900). The guarantee ends when the budget is exhausted.

Users such as existing credit guarantee funds that have exceeded the guarantee limit may be restricted from special guarantees, and the economy Special guarantee support may not be possible depending on credit guarantee evaluation (individual credit rating, etc.). If the recipient of the loan relocates their business to an area outside of Suwon, or closes or closes the business, the funding will be discontinued. 1% (once) of special guarantee fee for the first year is supported. Up to KRW 500,000 is supported per company.
 
For more information, visit the Suwon City website (https://www.suwon.go.kr) 'Special exception for small business owners in Suwon in 2023'

An official from Suwon said, “Special guarantees and fee support for small businesses are difficult for small businesses suffering from economic recession and rising prices. I hope it will be of some help.”