Seven institutions participate, including Eunpyeong-gu, Seoul Credit Guarantee Foundation and major commercial banks
Program nearly doubles last year's 14.3 billion won in scale
Eunpyeong-gu in Seoul has signed a 2026 Special Credit Guarantee MOU with the Seoul Credit Guarantee Foundation and several financial institutions to help local small and medium-sized enterprises and small business owners with limited collateral secure financing.
The agreement aims to ease the financial burden on small businesses and self-employed operators struggling amid the economic downturn and to build a cooperative framework for stable funding support.
Seven institutions joined the MOU: Eunpyeong-gu, the Seoul Credit Guarantee Foundation, Shinhan Bank, KB Kookmin Bank, Woori Bank, the saemaul credit union and Kakao Bank.
Under the agreement, Eunpyeong-gu will contribute 150 million won ($110,000) to the Seoul Credit Guarantee Foundation, with Shinhan Bank and KB Kookmin Bank each contributing 500 million won, Woori Bank 400 million won, the saemaul credit union 420 million won and Kakao Bank 200 million won.
Drawing on those contributions, the Seoul Credit Guarantee Foundation will provide special credit guarantees enabling local small and medium-sized enterprises and small business owners to obtain loans totaling up to 27.12 billion won.
This year's special credit guarantee program has nearly doubled in scale from last year's 14.3 billion won to 27.12 billion won. The district expects the expansion to help more small businesses and self-employed operators secure financing and stabilize their operations.
"I hope this special credit guarantee program will help small businesses and self-employed operators who are struggling to secure funding stabilize their operations," Eunpyeong-gu District Mayor Kim Mi-kyung said. "We will continue to pursue a range of support policies to invigorate the local economy."
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