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Busan Metropolitan City Achieves 10,000 Cases and KRW 50 Billion in Support Through the “Interest-Free, Fee-Free, Collateral-Free (3-Free) Hope-Connecting Special Finance for Small Business Owners”

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Busan Metropolitan City (Mayor Park Heong-joon) announced that, as of November 7, the “Interest-Free, Fee-Free, Collateral-Free (3-Free) Hope-Connecting Special Finance for Small Business Owners,” which has been implemented since May to enhance management stability and ease financial challenges for local small business owners, has achieved a total of 10,000 executed cases amounting to KRW 50 billion.

The city assessed that reaching the milestone of 10,000 cases demonstrates that the program has established itself as a meaningful and tangible financial support measure that small business owners can truly benefit from, despite the ongoing economic downturn and burdens of high interest rates.

Targeting 40,000 cases (KRW 200 billion) by next year, Busan Metropolitan City plans to further strengthen public promotion in collaboration with Busan Bank and the Busan Credit Guarantee Foundation, while also conducting on-site promotional activities focused on traditional markets and local commercial districts.

The “3-Free Hope-Connecting Special Finance Support” consists of Track 1 “Credit Card” and Track 2 “Comprehensive Overdraft Loan.” Each track offers guarantee support of up to KRW 5 million, and when both products are used together, small business owners can receive up to KRW 10 million in guarantee support.

In May, the city launched Track 1 (Credit Card), followed by Track 2 (Comprehensive Overdraft Loan) in July, significantly enhancing convenience for small business owners in managing funds.

Track 1 (Credit Card) offers benefits such as interest-free payments (up to six months), annual fee exemption (for public project purposes), and no-visit application. Track 2 (Comprehensive Overdraft Loan) provides benefits including no guarantee fees, no limit assessment, and no-visit application.

Additionally, users can receive a 3 percent cashback—up to KRW 100,000 annually—through the Dongbaekjeon local currency when using credit or debit cards, offering highly advantageous benefits.

Eligible applicants are small business owners operating within Busan who meet the following requirements: at least six months of business history; a NICE credit score of 595 or higher*; and annual revenue of at least KRW 12 million, or revenue of at least KRW 3 million during the most recent three months.

• ●A credit score of 595 or higher corresponds to the former credit rating levels 1 through 7, which includes 95.5 percent of the total population.

Applications can be submitted via the Busan Credit Guarantee Foundation’s “Boheung Dream” mobile app and the Busan Bank mobile banking app. All steps—from application and screening to guarantee certificate issuance—can be completed conveniently through a fully non-face-to-face process.

For digital-vulnerable users, in-person applications can be made by reserving a consultation through the Busan Credit Guarantee Foundation website (www.busansinbo.or.kr), receiving guidance on required documents via mobile phone, preparing them, and visiting a branch office of the foundation.

For detailed inquiries regarding the application process, please contact Busan Bank (☎1588-6200, 1544-6200), the Busan Credit Guarantee Foundation (☎051-860-6600), or any branch office of the foundation.

Meanwhile, the city is devoting its full efforts to supporting the management stability of local small and medium-sized businesses, small business owners, and the self-employed by providing a record-high KRW 2.033 trillion in policy funds this year.

Mayor Park Heong-joon stated, “Reaching 10,000 cases is the result of close cooperation with local financial institutions to establish support measures that citizens can truly feel, and it reflects the strong policy demand from our small business community.” He added, “Busan Metropolitan City will continue pursuing practical and convenient financial support to help local small business owners achieve management stability and renewed growth.”