"Cheer Up, Small Business Owners" ... Changwon Special City and BNK Gyeongnam Bank Promote Hope Sharing Win-Win Finance for Small Business Owners

Up to 20 Million KRW Unsecured, No-Guarantee Loans Begin
Total of 5 Billion KRW in Emergency Management Stabilization Funds Provided

On April 18, Changwon Special City signed a business agreement with BNK Gyeongnam Bank for the "Hope Sharing Win-Win Finance for Small Business Owners" in the city's reception room.

Changwon Special City and BNK Gyeongnam Bank Promote Hope Sharing Win-Win Finance for Small Business Owners.

Through this agreement, Changwon Special City and BNK Gyeongnam Bank will provide 5 billion KRW in emergency management stabilization credit loans for small business owners.

Since 2018, the city has been supporting small business financing by lowering the entry barriers to loans for low-income and low-credit small business owners who lack collateral or have low credit ratings, making it difficult for them to obtain bank loans. This support is provided through a win-win finance agreement with BNK Gyeongnam Bank, a local bank based in the region.

The support is available to individual business owners in the area with an annual income of 40 million KRW or less, and up to 20 million KRW can be provided without collateral or guarantees. The repayment method is installment repayment within five years (equal principal and interest payments), and there is no prepayment fee. However, business owners who are currently in default, have bad credit, or have low bank credit ratings are excluded from eligibility.

The loan program is currently in operation, and applicants can visit BNK Gyeongnam Bank branches in the Changwon area after making a prior inquiry.

Jang Geumyong, Acting Mayor of Changwon Special City, said, "I would like to thank BNK Gyeongnam Bank for continuing its efforts to support local small business financing. I hope that the promotion of Hope Sharing Win-Win Finance for Small Business Owners will provide substantial financial support to small business owners who are in financial blind spots."

Meanwhile, in February of this year, the city provided 24 billion KRW in small business development funds through loans. This fund allows loans of up to 50 million KRW, with an annual interest subsidy of 2.5% for one year. In the second half of the year, the city plans to provide an additional 12 billion KRW to further strengthen the financial safety net.