BNK Financial, Industry-First 'Overdue Interest Reduction Program' for Small Business Owners Implemented

BNK Financial Group will implement the industry's first 'Late Interest Reduction Program' for small business owners affected by COVID-19.
[Photo by BNK Financial Group]

[Asia Economy Reporter Song Seung-seop] BNK Financial Group announced on the 25th that it will implement the 'Delinquent Interest Reduction System' for small business owners affected by COVID-19, the first of its kind in the financial sector.

The support targets local small business owners who have COVID-19 related loans through Busan Bank and Kyongnam Bank, as well as individual business owners in industries recognized as affected by COVID-19. However, individuals undergoing legal procedures such as personal rehabilitation or bankruptcy are excluded.

Delinquent interest will be fully waived if the normal interest is paid within three months from the date the delinquency occurs. The support period is from today until the end of this year, and applications can be made at nearby branches.

A BNK Financial Group official said, "We hope this will provide practical help to local small business owners struggling due to the prolonged COVID-19 pandemic," adding, "We will continue to provide inclusive financial support."