BNK Financial Group to Provide 83.2 Billion KRW in Livelihood Finance for Self-Employed and Small Business Owners Next Year

Busan Bank 52.5 Billion KRW · Gyeongnam Bank 30.7 Billion KRW Financially Vulnerable Support

Reduction of Financial Costs through Interest Refunds on Personal Business Loans

BNK Financial Group is focusing on financial support for self-employed individuals and small business owners in the new year.

Busan Bank and Gyeongnam Bank announced on the 29th that through the concrete implementation of the 'Banking Sector Livelihood Financial Support Plan' recently announced by the Korea Federation of Banks, they plan to provide practical support to self-employed individuals and small business owners in the region who are struggling due to the prolonged economic downturn.

The Livelihood Financial Support Plan is a joint program announced by the banking sector on the 21st, consisting of a 2 trillion KRW support program. It includes a 1.6 trillion KRW 'common program' for interest refunds on personal business loans involving the entire banking sector, and a 400 billion KRW 'voluntary program' where individual banks provide support for vulnerable groups.

The total contribution from Busan Bank and Gyeongnam Bank amounts to 83.2 billion KRW (Busan Bank 52.5 billion KRW, Gyeongnam Bank 30.7 billion KRW). The common program offers interest cashback on personal business loans based on the Korea Federation of Banks’ criteria (loan amount up to 200 million KRW, 90% of interest payments exceeding 4% annually, up to a maximum of 3 million KRW). The voluntary program will be implemented through support for small business owners and vulnerable groups beyond interest refunds, as well as contributions to guarantee institutions.

In particular, the common program is scheduled to begin in February next year, while the voluntary program will have its plan established in the first quarter and be executed within 2024 at an accelerated pace to ensure that self-employed individuals and small business owners in the region, who are suffering from the impact of high interest rates and local economic recession, can feel the practical benefits.

A BNK Financial Group official stated, “We will promptly provide interest cashback support in the first quarter of next year according to the standards announced by the Korea Federation of Banks. We will not limit livelihood financial support to one-time interest refunds and voluntary programs but will continue to promote various and practical social contribution projects to address the difficulties of the local community in multiple ways.”