Busan Bank Partnership, Co-Growth with Local SMEs
Low-Interest Loans for BMC Industrial Site Tenants and Partner Companies
Busan Metropolitan Corporation (BMC), in collaboration with Busan Bank, is launching a co-prosperity fund to support local small and medium-sized enterprises (SMEs).
In April, BMC signed an agreement with Busan Bank to establish a co-prosperity fund worth 30 billion KRW (with a loan limit of 1 billion KRW per company) to support local SMEs facing high interest rate burdens for financing.
As of the end of June, two months after the fund was established, policy funds totaling 18.4 billion KRW had been provided to 24 companies, including manufacturing firms that have purchased or are leasing industrial land developed by BMC, and construction companies contracted for BMC's construction or service projects, resulting in a support rate of 61.3%.
Kim Yonghak, President of Busan Metropolitan Corporation, stated, "The fund was exhausted faster than initially expected, which allowed us to truly sense the difficulties faced by local SMEs," and added, "BMC will continue to take the lead in fulfilling its social responsibility as a public corporation driving community development."
Since its founding in May 2023, BMC has been making multifaceted efforts to promote sustainable management and contribute to community development, including issuing its first ESG bond.
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