180 Billion KRW in Policy Funds Released for Small Business Owners ... Busan City, BNK Busan Bank, Busan Shinbo

Special Fund Support Agreement for Small Business Owners Signed at City Hall at 10 AM on the 8th

Mayor Park Hyung-jun, BNK Busan Bank President, and Busan Credit Guarantee Foundation Chairman Attend

BNK Busan Bank Loans, City Loan Interest S

Busan City, BNK Busan Bank, and Busan Credit Guarantee Foundation are joining forces to alleviate the financial burden on small business owners struggling with rising interest rates and inflation.

On the 8th at 10 a.m., the city will sign a business agreement with BNK Busan Bank and Busan Credit Guarantee Foundation in the City Hall International Protocol Room to support the recovery of the livelihood economy and stabilize local commercial management through the ‘Special Fund Support for Small Business Owners.’

The signing ceremony will be attended by Mayor Park, the president of BNK Busan Bank, and the chairman of Busan Credit Guarantee Foundation, who will personally sign the agreement.

Once the agreement is signed, the three institutions will mutually cooperate to provide a total of 180 billion KRW in special funds to small business owners in Busan.

The ‘Special Fund for Small Business Owners’ is a policy fund that loans up to 100 million KRW to small business owners in Busan and supports up to 2% annual interest on the loan for one year (interest subsidy).

BNK Busan Bank will provide the loan products, the city will support the interest subsidy amount, and Busan Credit Guarantee Foundation will provide guarantee services for the loans.

This special fund for small business owners was made possible by BNK Busan Bank’s special contribution of 10 billion KRW to Busan Credit Guarantee Foundation as part of its commitment to social contribution.

BNK Busan Bank increased its contribution by 3 billion KRW from last year’s 7 billion KRW to 10 billion KRW, enabling Busan Credit Guarantee Foundation to secure financial capacity to guarantee over 180 billion KRW for small business owners in the region.

Furthermore, the city and Busan Credit Guarantee Foundation are responding to BNK Busan Bank’s generous decision by expanding support this year beyond the existing special fund to help small business owners overcome management difficulties caused by high interest rates and inflation.

The city will increase the existing maximum annual interest subsidy from 1.5% to 2%, a 0.5% increase.

Busan Credit Guarantee Foundation will apply a standard guarantee fee rate of 0.8?0.9%, lower than the previous 1.2%, for customers.

Starting from the 8th, applications for the first round of special fund support worth 45 billion KRW can be made through BNK Busan Bank’s ‘Dongbaek Pium’ loan product.

For Dongbaekjeon, Dongbaek Mall, and Dongbaek Tong affiliated stores, the Busan Bank ‘Dongbaek Pium’ loan product offers an additional preferential interest rate of 0.2%P, which is expected to further reduce the financial burden on small business owners applying for fund support.

The timing for support of the remaining amount will be decided based on the depletion status of the first round of support funds.

For detailed information on fund support, inquiries can be made to Busan Credit Guarantee Foundation.

Mayor Park Hyung-jun said, “I sincerely thank BNK Busan Bank, a regional bank, for taking the lead in supporting Busan’s economy and local small business owners,” adding, “I hope the special fund for small business owners prepared through this agreement will contribute, even if only a little, to revitalizing the local economy and alleviating the management difficulties faced by small business owners due to high interest rates and inflation.”