K Bank announced on the 4th that it has launched the 'Sajangnim Guarantee Loan,' an interest support guarantee loan product for small business owners and self-employed individuals.
The Sajangnim Guarantee Loan is an interest subsidy loan product in which local governments and others bear part of the loan interest to support local small business owners. Currently, individual business customers operating workplaces in the Seoul and Busan areas can apply.
The Seoul area Sajangnim Guarantee Loan is a product that supports an interest rate of 1.8 percentage points per year for 4 years for individual business customers who have been operating a business in Seoul for more than 6 months. The minimum interest rate as of this date is 3.43% per year. The loan limit is up to 30 million KRW, and the loan period is 5 years (1-year grace period, 4 years of equal principal repayment).
The Busan area Sajangnim Guarantee Loan provides interest support of up to 1.7 percentage points per year for individual business customers currently operating businesses in Busan. The minimum interest rate as of this date is 3.83% per year.
For customers within 3 years of startup, interest support is 1.7 percentage points per year for the first year and 1.5 percentage points per year for the following 4 years, while general customers can receive 1.5 percentage points per year for 5 years. The loan limit is up to 100 million KRW, and the loan period is 5 years (1-year grace period, 4 years of equal principal repayment).
A K Bank official said, "After signing a business agreement with the Regional Credit Guarantee Foundation, we worked quickly based on close collaboration to develop and introduce the guarantee loan product," adding, "We plan to expand the guarantee loan service areas beyond Seoul and Busan to support loan interest for more individual business customers."
Meanwhile, prior to the launch of the Sajangnim Guarantee Loan, K Bank signed business agreements with the Seoul and Busan Regional Credit Guarantee Foundations in July and August, respectively, and also made special contributions to support local small business owners.
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