JB Financial Supports Vulnerable Groups with 2.2 Trillion Won Win-Win Finance Program

Jeonbuk Bank and Gwangju Bank, subsidiaries of JB Financial Group, announced on the 31st that they have prepared a total of KRW 2.225 trillion in win-win financial support measures for vulnerable groups such as small business owners. The support plan includes not only financial assistance such as comprehensive support for low-income finance and support for small and medium-sized enterprises (SMEs) but also non-financial support like management consulting for small business owners.

Gwangju Bank will provide a total of KRW 1.225 trillion. Specifically, this consists of ▲KRW 300 billion for the Saessal Loan Bank (Haetsalron Bank) ▲KRW 150 billion for mortgage loans ▲KRW 100 billion for support for lowest credit borrowers ▲KRW 45 billion for New Hope Loan (Saeheemang Holssi) as part of low-income financial support, and ▲KRW 550 billion for special fund support ▲KRW 80 billion for guarantee foundation contributions.

Jeonbuk Bank also announced a win-win plan worth KRW 1 trillion. Jeonbuk Bank’s support includes ▲KRW 500 billion for Saessal Loan Bank ▲KRW 50 billion for support for lowest credit borrowers ▲KRW 50 billion for New Hope Loan ▲KRW 50 billion for maturity extension support as low-income financial support, and ▲KRW 300 billion for special fund support ▲KRW 50 billion for guarantee foundation contributions.

In particular, JB Financial has significantly strengthened the support scale for its representative low-income financial product, the ‘Saessal Loan Bank.’ Gwangju Bank plans to expand the support from KRW 24.4 billion last year to KRW 300 billion this year, more than 12 times, while Jeonbuk Bank will newly provide KRW 500 billion.

Additionally, to promote regional co-growth and revitalize the local economy, Gwangju Bank will implement ‘Special Fund Support for Small Business Owners and SMEs’ worth KRW 550 billion, and Jeonbuk Bank will provide KRW 300 billion. They plan to offer up to a 1% interest rate reduction for SMEs located in the region, and Gwangju Bank will introduce specialized loans supporting small business owners and SMEs with medium to low credit ratings.

Furthermore, Jeonbuk Bank plans to implement interest reductions on overdue loans and support the write-off of non-performing loans. It will also provide preferential interest rates (up to 0.7%) for new loans and maturity extensions for small business owners and SMEs. Gwangju Bank will waive early repayment fees on household credit loans for vulnerable borrowers and offer preferential interest rates (up to 2%) on inclusive finance special loans. In addition, it plans to provide preferential interest rates (up to 1%) on maturity extensions for high-interest loans exceeding 7% and guarantee-backed loans for small business owners and SMEs.

JB Financial will also simultaneously provide non-financial support to help revitalize the local economy. Both banks will offer consulting services to stabilize management and support growth for small business owners and SMEs. Jeonbuk Bank will operate a dedicated counseling center for vulnerable groups to provide debt management services such as refinancing high-interest loans. A JB Financial Group official stated, “We will continue to thoroughly manage soundness while striving to strengthen support measures for financially vulnerable groups.”