The Chungnam Credit Guarantee Foundation and the Korean Federation of Community Credit Cooperatives are joining forces to support small business owners in South Chungcheong Province.
The Chungnam Credit Guarantee Foundation signed a "Special Contribution Agreement for Small Business Financial Support" with the Korean Federation of Community Credit Cooperatives on Wednesday to improve small business owners' access to finance and support their business stability, providing a total of 7.5 billion won in credit guarantees, the foundation said.
The Community Credit Cooperatives made a special contribution to the Chungnam Credit Guarantee Foundation for the first time since the foundation's establishment.
The Community Credit Cooperatives contributed 500 million won, which the Chungnam Credit Guarantee Foundation will use as funding to provide a total of 7.5 billion won in credit guarantees. The foundation plans to offer benefits that reduce financial costs, such as guarantee fee reductions and preferential guarantee ratios, to companies using the agreement guarantees.
In particular, this special contribution agreement guarantee focuses its support on "small business owners" in the province, ensuring that substantial benefits reach self-employed neighborhood merchants who form the backbone of the working-class economy.
"By combining the Community Credit Cooperatives' dense regional network with the Chungnam Credit Guarantee Foundation's guarantee support capabilities, we will ensure that funds are provided in a timely manner to small business owners who need them," said Cho So-haeng, chairman of the Chungnam Credit Guarantee Foundation.
