Jeju Province expands financial support for small businesses and low-income residents

Jeju Province has announced a significant expansion of financial support measures for small business owners and low-income residents. The province is increasing its special guarantee for small businesses to 180.55 billion KRW, a 33.7% increase from the previous year. This funding covers various needs, including emergency funds for traditional holidays, support for local creators, assistance for businesses affected by Middle East geopolitical tensions, and high-interest loan refinancing.

Additionally, two new programs targeting low-credit residents will launch on October 1. The ‘Jeju Win-Win Stability Household Loan’ offers up to 1 million KRW at a 1% annual interest rate for residents in the bottom 10% of credit scores with an annual income below 25 million KRW.

The ‘Jeju Win-Win Inclusive Savings’ program is designed to help residents build capital. Eligible participants, including those undergoing debt adjustment or in the bottom 20% of credit scores with an annual income below 35 million KRW, can save between 10,000 and 200,000 KRW monthly for two years at a 7% interest rate. Upon maturity, the province will provide a subsidy equal to 50% of the total deposited amount.