Gwangju Bank Provides 300 Billion Won in Special Funds for Small and Medium Enterprises

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 3rd that it will urgently support local small and medium-sized enterprises (SMEs) facing difficulties with operating funds ahead of the Lunar New Year holiday by allocating 300 billion KRW in new funds through the 'Lunar New Year SME Special Fund Loan' from the 3rd to March 6.

In response to the region's difficult economic issues and as a measure to stabilize people's livelihoods, the bank decided to promptly support SMEs in the region with labor costs, unpaid wages, raw material purchase funds, and emergency payment funds, as demand for funds intensifies ahead of the Lunar New Year.

Additionally, 300 billion KRW in maturity extension funds have been allocated, allowing loan customers whose loans mature during this period to extend the maturity upon request, except in special cases.

The support limit per company for this Lunar New Year special fund loan is up to 3 billion KRW, and the interest rate is preferentially reduced by up to 1.30%p compared to the calculated rate, which is expected to reduce the financial burden on SMEs.

Kim Jae-chun, Head of Sales Promotion Department at Gwangju Bank, said, "We hope this Lunar New Year special fund loan support will greatly help alleviate the financial difficulties of local SMEs," adding, "As the representative bank of Gwangju and Jeonnam, we will continue to carry out various financial support measures for local SMEs with a sense of mission and promote mutual growth with the region."

Meanwhile, Gwangju Bank also took the lead in resolving management difficulties of local SMEs by supporting 308 billion KRW in new loans and 330.5 billion KRW in maturity extensions through special fund support during last year's Chuseok holiday, practicing community-based management.

This content was produced with the assistance of AI translation services.