BNK Busan Bank Launches Financial Support for Small Business Owners in Haeundae-gu

Special Guarantee Agreement Signed by Haeundae-gu and Credit Guarantee Foundation
Up to 500 million KRW per business, Total Support of 6 Billion KRW

BNK Busan Bank, in collaboration with Haeundae-gu and the Busan Credit Guarantee Foundation, is launching a special guarantee support program worth 6 billion KRW for local small business owners.

On June 19, Busan Bank announced that it had signed the "Special Guarantee Business Agreement for Small Business Owners in Haeundae-gu" at Haeundae-gu Office on June 18. The signing ceremony was attended by Kang Seokrae, Head of Corporate Customer Group at Busan Bank, Kim Seongsu, Mayor of Haeundae-gu, and Sung Donghwa, Chairman of the Busan Credit Guarantee Foundation.

This agreement was established to provide practical financial support to small business owners struggling due to the economic slowdown and reduced consumer spending. Busan Bank and Haeundae-gu will each make special contributions of 300 million KRW and 100 million KRW, respectively, and the Busan Credit Guarantee Foundation will issue guarantee certificates totaling 6 billion KRW based on these funds. The bank will offer preferential interest rates on the loans, while Haeundae-gu will reduce the interest burden through interest subsidies.

The support is available to small business owners who have operated for at least three months and have business locations in Haeundae-gu. Applicants must have annual sales of at least 12 million KRW or sales of at least 3 million KRW over the most recent three months, and must also meet certain personal credit score requirements. Each business can borrow up to 50 million KRW, with repayment available either in installments over a maximum of five years or with a one-year grace period followed by four years of installments.

Kang Seokrae stated, "We hope this agreement will serve as much-needed relief for local self-employed business owners," adding, "Busan Bank will spare no effort in providing financial support to help the region overcome this crisis together."