BNK Busan Bank Launches 500 Billion KRW Rapid Support Program to Overcome Regional Economic Crisis

Busan Bank Headquarters.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] BNK Busan Bank announced on the 2nd that it will implement a total of 500 billion KRW scale ‘Regional Win-Win Liquidity Rapid Support Program’ to support local companies struggling due to the 3 highs (high interest rates, high prices, high exchange rates).

The target for the ‘Regional Win-Win Liquidity Rapid Support Program’ is Busan Bank’s main transaction companies located in Busan, Ulsan, and Gyeongnam, which have had credit transactions for more than 5 years and are experiencing temporary liquidity crises such as decreased sales.

Busan Bank plans to establish the ‘Regional Win-Win Liquidity Rapid Support Review Council’ and provide support after reviewing the company’s growth potential, business conditions, and sales trends.

It decided to quickly provide funds as emergency working capital up to a maximum of 1 billion KRW per company.

Busan Bank President An Gam-chan said, “All employees of Busan Bank will do their best to ensure seamless financial support for small and medium-sized enterprises and small business owners, who are the backbone of the regional economy.”

This liquidity support program is one of the regional win-win measures implemented after the ‘Regional CEO Communication Meeting’ held at the end of last year to listen to ways to overcome the regional economic crisis and difficulties.

Since September last year, Busan Bank has been promoting the ‘Economic Crisis Overcoming Cooperation Project’ worth 7 trillion KRW to support local companies, small business owners, and vulnerable groups facing difficulties due to the continued 3 highs phenomenon.

It is also operating the ‘Financial Sector Maturity Extension and Repayment Deferral Support Program’ to alleviate the debt repayment burden of local companies in parallel.