K Bank Launches "Livelihood-Suitable Industry Guarantee Loan"

K Bank, Korea Credit Guarantee Foundation, and NH Nonghyup Bank Sign "Financial Support Agreement for Livelihood-Suitable Industries"
Expanding Inclusive Finance for Small Business Owners

On the 18th, at the main conference room of K Bank headquarters, (from left) Choi Woohyung, CEO of K Bank, Won Youngjun, Chairman of the Korea Credit Guarantee Foundation, and Kang Taeyoung, CEO of NH Nonghyup Bank, attended the business agreement ceremony and took a commemorative photo. K Bank

K Bank announced on November 19 that it has launched the "Livelihood-Suitable Industry Guarantee Loan" to support the management stability of small business owners operating in livelihood-suitable industries.

This product was developed through the collaboration of K Bank and the Korea Credit Guarantee Foundation (KCGF) to ease the financial burden on small business owners engaged in livelihood-suitable industries and to support stable business operations.

Livelihood-suitable industries are those protected under the "Special Act on the Designation of Livelihood-Suitable Industries for Small Businesses." Representative examples include tofu, soy sauce, and naengmyeon manufacturing, book and newspaper retail, and LPG fuel retail.

The "Livelihood-Suitable Industry Guarantee Loan" is available to individual business owners engaged in livelihood-suitable industries who have a credit score (NICE standard) of 710 or higher.

Applications can be made easily by visiting any of the 17 regional branches of the Korea Credit Guarantee Foundation nationwide, or through the "Customized Loan Search for Business Owners" service within the K Bank app.

The loan interest rate is 4.80% per annum (as of November 19), with a maximum limit of 50 million won. The loan term is five years (one-year grace period, followed by four years of equal principal repayment). Early repayment is possible at any time, and all early repayment fees are fully waived.

In conjunction with the launch of this product, K Bank signed a "Financial Support Business Agreement for Livelihood-Suitable Industries" with the Korea Credit Guarantee Foundation and NH Nonghyup Bank.

Accordingly, K Bank and NH Nonghyup Bank will each make a special contribution of 1.2 billion won to the Korea Credit Guarantee Foundation, and the foundation will provide guaranteed loans totaling 30 billion won to help reduce the financial burden on small business owners in livelihood-suitable industries.

A K Bank representative stated, "We launched this product to ease the financial burden and support the management stability of small business owners engaged in livelihood-suitable industries," adding, "We will continue to strengthen inclusive finance so that small business owners in various industries can continue to grow."