Jeonbuk Bank to Release 500 Billion KRW Special Operating Funds Ahead of Chuseok

'Commercial Bill Discounting and Working Capital Loans Under One Year' Support
Alleviating Funding Difficulties and Reducing Financial Costs for Local SMEs

Jeonbuk Bank (President Baek Jong-il) announced on the 9th that it will provide 'Chuseok Holiday Special Operating Funds' support until the 8th of next month ahead of the Chuseok holiday.

According to Jeonbuk Bank, this support fund targets new operating funds and extensions of maturity for small and medium-sized enterprise loans due. The total support scale is 500 billion KRW, with 250 billion KRW for new loans and 250 billion KRW for maturity extensions.

Jeonbuk Bank building. [Photo by Jeonbuk Bank]

Loan support includes commercial bill discounts and operating funds with a maturity of one year or less. Interest rates will be preferentially applied based on transaction contribution, aiming to reduce interest burdens.

This fund will support small and medium-sized enterprises expected to face temporary financing difficulties due to economic downturn, liquidity shortages, decreased sales, settlement of insufficient funds, and payment of holiday bonuses to employees. It is expected to help alleviate financial difficulties and reduce financial costs for local SMEs experiencing dual hardships such as economic recession and sluggish domestic demand.

Vice President Seo Doo-won stated, "Jeonbuk Bank has specially contributed about 4.3 billion KRW this year to support liquidity for small business owners in the province," adding, "Every year, we invest more than 10% of net income in social contribution projects, continuing our social responsibility to marginalized neighbors."