Daegu Bank Supports 500 Billion KRW for SMEs Facing Year-End Cash Flow Issues... 1.5% Interest Rate Reduction

Daegu Bank Headquarters.

[Asia Economy Yeongnam Reporting Headquarters Reporter Koo Dae-sun] DGB Daegu Bank will provide a total of 500 billion KRW in the ‘2023 Lunar New Year Special Fund Loan’ starting from the 5th, with the intention of overcoming the difficulties faced by small and medium-sized enterprises (SMEs) in the Daegu and Gyeongbuk regions together ahead of the Lunar New Year holiday.

The ‘Lunar New Year Special Fund Loan’ will continue until February 10 and is aimed at SMEs experiencing temporary financial difficulties.

The maximum support limit per company is 1 billion KRW, and to reduce financial costs for local SMEs struggling with the recent triple crisis (high inflation, high interest rates, and high exchange rates), a maximum interest rate reduction benefit of 1.5 percentage points will be provided.

In particular, to ensure swift fund support, loan processing procedures such as credit evaluation and approval authority have been simplified.

A DGB Daegu Bank official stated, “The interest rate for the Lunar New Year Special Fund Loan is applied differently depending on the company’s credit rating, and the intention is to reduce this rate by up to 1.5%. We hope this will help SMEs that are having difficulties securing operating funds before the Lunar New Year.”