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According to Yonhap News,
(ULSAN = Yonhap News) Ulju-gun announced on March 17 that it became the first local government to conclude an agreement to provide financial support for small businesses.
Parties that signed the agreement included Ulsan Economic Promotion Agency, Ulsan Credit Guarantee Foundation, NH bank, Kyongnam Bank, Busan Bank and Shinhan Bank.
Ulsan Credit Guarantee Foundation will issue a 100 percent warranty and streamline paperwork for the convenience of its clients.
NH Bank, Kyongnam Bank, Shinhan Bank and Busan bank will provide favorable interest rates within the scope of 4.5 percent, and Ulju-gun will preserve interests for two years.
The loan with two-year maturity will be provided to both small businesses.
“Compared to large companies, small businesses struggled to borrow from financial institutions even if they are short of funds to manage their businesses. The agreement will help small business owners finance their businesses without too much collateral,” said an official of Ulju-gun.
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Source: Yonhap News (Mar. 17, 2014)
** This article was translated from the Korean.