Financial Support Including Self-driven Financial Assistance and
Customized Support for Small Business Owners with Participation from the Entire Banking Sector
BNK Gyeongnam Bank has established a promotion strategy to support local small business owners and self-employed individuals and has actively engaged in practicing win-win finance.
BNK Gyeongnam Bank announced on the 18th that it will implement a ‘Win-win Finance Support Plan for Small Business Owners and Self-employed’ worth approximately 1.6 trillion KRW this year.
This win-win finance support plan was prepared to actively participate in the government’s banking sector financial support policy for small business owners and to provide practical assistance to local small business owners and self-employed individuals.
BNK Gyeongnam Bank decided to provide financial support totaling about 1.6 trillion KRW, including approximately 1.3 trillion KRW in ‘self-driven financial support’ and about 300 billion KRW in ‘customized financial support for small business owners’ involving the entire banking sector.
This support scale represents an increase of about 500 billion KRW compared to last year, and it is expected that about 68,000 people will benefit from the financial support.
BNK Gyeongnam Bank has established a customized win-win finance promotion strategy tailored to each borrower’s situation, including △local customized policy fund supply △small business owners’ hope-sharing win-win finance △policy-based financial support for low-income earners △consulting support.
In particular, in the local customized policy fund supply sector, the bank plans to expand special contributions and support guarantee limits up to 357.5 billion KRW for small business owners in the Gyeongnam and Ulsan regions.
Additionally, the bank plans to promote the small business owners’ hope-sharing win-win finance sector, which quickly provides funds to local small business owners struggling due to sales declines caused by the economic downturn. Besides supplying new funds, overdue interest will also be reduced to alleviate financial costs for delinquent borrowers and assist in business recovery.
Furthermore, the bank plans to support smooth implementation of customized financial support for small business owners involving the entire banking sector, including △pre-delinquency debt adjustment △debt adjustment for closed businesses △win-win guarantees and loans △consulting services.
Bank President Ye Gyeong-tak stated, “The win-win finance support plan for small business owners and the self-employed is a practical win-win finance promotion strategy that resonates with local small business owners and contributes to regional economic recovery. It will be implemented continuously rather than as a one-time effort, and we will do our best to ensure that funds are executed effectively and promptly. Going forward, BNK Gyeongnam Bank will take the lead in win-win finance and make various efforts to fulfill its social responsibilities.”
Meanwhile, BNK Gyeongnam Bank received the ‘Institution Award’ in the small and medium-sized group banks category for both the small and medium enterprise support sector and the self-employed management consulting support sector at the ‘2024 Inclusive and Win-win Finance Awards Ceremony’ held by the Financial Supervisory Service on December 20 last year.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
