Gwangju Bank Signs Public-Private Partnership Agreement for Financial Support to Foster Startups and SMEs

Gwangju Bank has signed the "Gwangju City Key Industry Startup and SME Development Financial Support Agreement" to expand financial support for small and medium-sized enterprises engaged in key industries within the Gwangju area. Photo by Gwangju Bank

Gwangju Bank announced on June 19 that it has signed the "Gwangju City Key Industry Startup and SME Development Financial Support Agreement" to expand financial support for small and medium-sized enterprises engaged in key industries within the region.

The signing ceremony, held that afternoon at Bitgoeul Startup Station in Buk-gu, was attended by Ko Byungil, President of Gwangju Bank, Kang Gijung, Mayor of Gwangju, Lee Jooyoung, Executive Director of Korea Credit Guarantee Fund, and other related officials.

This agreement aims to provide practical financial support to startups and SMEs in Gwangju's key industrial sectors, such as the AI industry, manufacturing, and future mobility. The purpose is to contribute to revitalizing the local economy and creating jobs through a cooperative system involving the private sector, local government, and public institutions.

Under the agreement, Gwangju Bank will make a special contribution of 800 million won and provide an annual guarantee fee support of 0.5% for one year to the participating companies. Korea Credit Guarantee Fund will use this contribution to supply a total of 67.5 billion won in special guarantee loans, while Gwangju City will support interest subsidies of 2.0% per year for two years. These measures are intended to help local companies access funds under better financial conditions.

Ko Byungil, President of Gwangju Bank, stated, "This agreement is significant as it represents a collaborative model where financial institutions, local government, and public organizations join forces to invigorate the local economy. Gwangju Bank will continue to be a reliable partner for entrepreneurs and will do its utmost to ensure that innovative ideas can develop into successful businesses."