The Ulju-gun office in Ulsan [Ulju-gun]
The Ulju-gun office in Ulsan [Ulju-gun]

Ulju-gun in Ulsan will provide 30 billion won ($20.8 million) in special loan guarantees in the second half of this year to help local small business owners struggling with high interest rates, rising prices and sluggish consumer spending, the county announced Friday.

The program, developed in partnership with the Ulsan Credit Guarantee Foundation and local financial institutions, offers loans of up to 80 million won per business, along with a 3 percent annual interest subsidy for two years.

Eligible applicants must operate a business in Ulju-gun. Manufacturing, construction, transportation and mining businesses must have fewer than 10 full-time employees, while retail, wholesale and service businesses must have fewer than five.

The program can be combined with existing guaranteed loans for refinancing and with city and county business stabilization funds. Applicants with low credit scores are also eligible. Those with overdue payments or unpaid national or local taxes are excluded.

Applications open at 9 a.m. Thursday at Munsu Hall on the first floor of the Ulju-gun office and through the Ulsan Credit Guarantee Foundation's website. The program is limited to the first 600 applicants.


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