"Loans Available Even with Low Credit" ... Changwon Special City Signs Agreement for 'Gyeongnam Donghaeng Loan'

Up to 1.5 Million Won in Emergency Living Expense Loans Available in Gyeongnam

On May 19, Changwon Special City held a business agreement ceremony at the Gyeongnam Provincial Government conference room ahead of the official launch of the Gyeongnam-type emergency living expense loan, 'Gyeongnam Donghaeng Loan,' which is scheduled for the end of June.

Changwon Special City Signs Agreement for Gyeongnam-Type Emergency Living Expense Loan 'Gyeongnam Donghaeng Loan'.

This agreement aims to establish a public-private cooperation system between the local government and the Korea Inclusive Finance Agency. The ceremony was attended by Gyeongnam Governor Park Wansu, Changwon Special City Acting Mayor Jang Geumyong, heads of cities and counties in the province, the president of the Korea Inclusive Finance Agency, the head of the Gyeongnam branch of NH Nonghyup Bank, and the vice president of BNK Gyeongnam Bank.

The ceremony proceeded with the screening of a promotional video, an explanation of the operational plan, a session for gathering opinions, and the signing of the agreement, in that order.

'Gyeongnam Donghaeng Loan' is a tailored financial support program for provincial residents aged 19 and older whose credit rating falls within the bottom 20% and whose annual income is 35 million won or less. The program offers loans at an annual interest rate of 8 to 9 percent, with non-delinquent borrowers eligible for up to 1.5 million won and delinquent borrowers eligible for up to 1 million won. Through cooperation between local governments and the Korea Inclusive Finance Agency, the program aims not only to provide simple financial support but also to help low-credit residents experiencing economic hardship recover by linking financial, welfare, and employment services.

Acting Mayor Jang Geumyong stated, "I hope this project will serve as a social financial safety net, providing an opportunity for economic self-reliance to citizens with low credit ratings and those facing difficulties in making a living."

Meanwhile, the Gyeongnam Donghaeng Loan is scheduled for official launch at the end of June. Details regarding eligibility criteria, application procedures, and specific usage methods will be announced later through the Gyeongnam Province website, social media channels, and press releases.