Total of 28.8 Billion KRW in Loans Available
Up to 50 Million KRW per Business and 2.5% Annual Interest Support for One Year
On July 22, Changwon Special City signed a 'Business Agreement to Expand Support for Small Business Development Funds in the Second Half of the Year' at the mayor's reception room in City Hall, together with BNK Kyongnam Bank, Hana Bank, KB Kookmin Bank, and the Gyeongnam Credit Guarantee Foundation.
Changwon Special City Signs Business Agreement to Expand Support for Small Business Development Funds.
The signing ceremony was attended by Jang Geumyong, Acting Mayor of Changwon Special City, Heo Jonggu, Vice President of BNK Kyongnam Bank, Lee Byungjik, Regional Director of Hana Bank's Busan-Gyeongnam Business Headquarters, Kim Younggwan, Head of KB Kookmin Bank's Changwon Regional Headquarters, and Lee Hyogeun, Chairman of the Gyeongnam Credit Guarantee Foundation, as well as other officials from each institution.
This agreement was arranged to provide financial support measures for small business owners facing difficulties in securing funds due to an uncertain business environment, with the aim of creating a sustainable commercial district and revitalizing the local economy.
In particular, under this agreement, Changwon Special City will contribute 1.2 billion KRW, BNK Kyongnam Bank will provide 600 million KRW, and Hana Bank and KB Kookmin Bank will each contribute 300 million KRW, for a total of 2.4 billion KRW. This will create a loan fund of 28.8 billion KRW, which is an increase of 4.4 billion KRW compared to the first half of this year.
In addition to the contributions, the city will support 2.5% of the interest on the guaranteed funds for one year. The three banks will be responsible for issuing loans, and the Gyeongnam Credit Guarantee Foundation will issue loan guarantees for small business owners.
Small business owners can receive interest support of 2.5% per year for up to 50 million KRW per business for one year. They can choose between a one-year lump-sum repayment or a four-year equal installment repayment with a one-year grace period.
Applications will be accepted from 9:00 a.m. on August 5 through the reservation system on the Gyeongnam Credit Guarantee Foundation website. After applying for a guarantee consultation and receiving a guarantee certificate upon review, applicants can take out a loan at Kyongnam Bank. For more details, please contact the Gyeongnam Credit Guarantee Foundation.
Jang Geumyong, Acting Mayor of Changwon Special City, stated, "I hope this agreement will provide practical help to small business owners struggling with funding difficulties. Going forward, Changwon City will do its utmost to restore the local economy through various support measures tailored to local conditions."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
