Gwangju Bank Provides Special Guarantees for Dong-gu Small Businesses...Makes 50 Million Won Special Contribution

Gwangju Bank and Dong-gu signed a memorandum of understanding (MOU) on special loan guarantees for small business owners. Provided by Gwangju Bank

Gwangju Bank announced on the 23rd that it has signed a business agreement on a special guarantee program for small business owners with Dong-gu.

The signing ceremony, held at the Dong-gu Office in Gwangju on the 20th, was attended by Lim Taek, Mayor of Gwangju Dong-gu, Kang Jihoon, Vice President of Gwangju Bank, Yeom Gyusong, Chairman of the Gwangju Credit Guarantee Foundation, and related officials.

As the prolonged economic downturn continues to weigh on the local economy, Gwangju Bank will make an additional contribution of 50 million won under this agreement to expand financial support for small business owners in Dong-gu.

Using this contribution as funding, the Gwangju Credit Guarantee Foundation will provide a total of 1.2 billion won in special guarantees, and Gwangju Dong-gu will offer 5.3% interest subsidies for one year to ease the financial burden on small business owners.

The support is available to small business owners operating in Gwangju Dong-gu, with a loan limit of up to 20 million won per business and a maximum loan term of five years.

Meanwhile, since 2019, Gwangju Bank has made a total special contribution of 380 million won to support small business owners in Dong-gu, backing special guarantees amounting to 10.5 billion won in total.

Vice President Kang Jihoon said, "We hope this special guarantee program will provide breathing room in terms of funding for small business owners who are struggling with management burdens," adding, "Gwangju Bank will continue to fulfill its responsibilities as the region's leading bank and will keep providing tailored financial support and pursuing mutual growth efforts to help the local economy recover."