Gwangju Bank Adds KRW 50 Million for 'Special Guarantee Agreement for Small Business Owners'

[Asia Economy Honam Reporting Headquarters Reporter Jin-Hyung Park] On the 4th, Gwangju Bank signed a 'Special Guarantee Business Agreement for Small Business Owners' with Seo-gu District Office of Gwangju Metropolitan City and Gwangju Credit Guarantee Foundation, attended by Song Jong-wook, President of Gwangju Bank, and Kim Yi-gang, Mayor of Seo-gu District Office of Gwangju Metropolitan City.

This agreement was additionally made following the 'Special Guarantee Business Agreement for Small Business Owners' signed in February to alleviate the management difficulties of small business owners located in Seo-gu, Gwangju, who are struggling due to economic conditions such as high inflation, high exchange rates, and prolonged regional economic recession. Gwangju Bank separately contributed 50 million KRW this time to support a total of 3 billion KRW in 'Seo-gu Small Business Special Guarantee Loans.'

The 'Seo-gu Small Business Special Guarantee Loan' supports small business owners operating in Seo-gu, Gwangju, with up to 20 million KRW per business, and the loan period is up to 5 years.

The loan interest rate is specially discounted by up to 0.3 percentage points (p.p), and for one year after the loan is processed, Seo-gu District Office of Gwangju will compensate for a 4% interest difference.

President Song of Gwangju Bank said, "We hope to support small business owners in the region who are experiencing management difficulties due to the intensified regional economic recession and thereby revitalize the local economy." He added, "As a representative bank of Gwangju and Jeonnam, we will continue to prepare various financial support measures for local residents and achieve mutual growth with the region."