BNK Kyongnam Bank Signs "Milyang City Small Business Support Memorandum of Understanding"

Participating Financial Institutions and Milyang City
Provide a Total of 12 Billion Won in Support
Based on Contributions

On January 6, BNK Kyongnam Bank signed the "First Half of 2026 Milyang City Small Business Support Memorandum of Understanding" with Milyang City and other parties.

First Half of 2026 Milyang City Small Business Support Memorandum of Understanding.

The Milyang City Small Business Support Memorandum of Understanding was established to alleviate the financial burden of small businesses located in Milyang City, promote management stability, and contribute to revitalizing the local economy.

The signing ceremony, held at Milyang City Hall, was attended by Heo Jonggu, Deputy President of BNK Kyongnam Bank, Ahn Byunggu, Mayor of Milyang City, Lee Hyogeun, Chairman of Gyeongnam Credit Guarantee Foundation, and representatives from other financial institutions.

In particular, BNK Kyongnam Bank will contribute 150 million won to the Gyeongnam Credit Guarantee Foundation as a guarantee fund for financial support to small businesses in Milyang City. The bank will also simplify the loan process by handling the submission of guarantee review documents on behalf of the foundation and executing guaranteed loans.

Milyang City will contribute 350 million won to the Gyeongnam Credit Guarantee Foundation as a guarantee fund for financial support to small businesses in Milyang City and will oversee the overall management of the funds implemented under the agreement.

The Gyeongnam Credit Guarantee Foundation will provide credit guarantee support for the small business development funds in Milyang City, apply a preferential guarantee ratio of 90%, allocate funds, handle credit guarantee operations, and assign dedicated personnel to establish a cooperative framework.

Under the memorandum of understanding, BNK Kyongnam Bank, other financial institutions, and Milyang City have contributed a total of 800 million won to the Gyeongnam Credit Guarantee Foundation, and based on this contribution, a total of 12 billion won will be provided in support.

The maximum support limit is up to 50 million won per small business. Repayment methods are divided into a lump-sum repayment method (with a two-year maturity) or an installment repayment method (with a two-year grace period followed by one to three years of installments).

Heo Jonggu, Deputy President of BNK Kyongnam Bank, stated, "We hope that this memorandum of understanding will help alleviate the financial burden on small businesses and provide tangible benefits to the Milyang local economy. BNK Kyongnam Bank will continue to expand financial support so that local small businesses can maintain stable operations."

Meanwhile, BNK Kyongnam Bank plans to expand its support by signing similar small business support memorandums of understanding with other cities and counties in the Gyeongnam region, starting with Milyang.