Gas Gong, First Public Enterprise to Provide 20 Billion KRW Loan Support for COVID-19 Win-Win Fund with Daegu Bank

[Asia Economy Reporter Moon Chaeseok] Korea Gas Corporation announced on the 24th that, as the first public enterprise, it will provide a special support fund of 20 billion KRW in cooperation with DGB Daegu Bank to small and medium-sized enterprises (SMEs) and small business owners in the Daegu and Gyeongbuk regions who are facing management difficulties due to the novel coronavirus infection (COVID-19) crisis.

Korea Gas Corporation and DGB Daegu Bank signed an agreement in October last year to establish an operating fund of 20 billion KRW for the mutual growth fund, aiming to overcome the regional economic crisis and promote mutual development.

The two companies will jointly provide early and focused support from the 20 billion KRW fund to local SMEs and small business owners whose operations and sales have been affected by the spread of COVID-19.

According to the agreement, affected SMEs and small business owners with business locations in areas where confirmed cases have occurred will receive interest rate reductions up to 2.7% per case (basic 1.5%, additional 1.2%) with a limit of 500 million KRW per business.

A Korea Gas Corporation official stated, "We hope to provide a small help for the management stability of local SMEs and small business owners who are struggling due to the spread of COVID-19," and added, "Korea Gas Corporation will continue to do its best to minimize COVID-19 damage and prevent its spread as a leading regional public enterprise."