Busan Bank Provides 105 Billion KRW Financial Support to Revitalize Local Economy

[Asia Economy Reporter Kim Min-young] BNK Busan Bank is implementing a guaranteed loan agreement worth 105 billion KRW in cooperation with Busan City and the Busan Credit Guarantee Foundation to support local self-employed and small business owners and revitalize the local economy.

On the 30th, Busan Bank announced that it signed the "2020 Busan Small Business Self-Made Special Fund Support Business Agreement" at the Busan Credit Guarantee Foundation headquarters.

This agreement was promoted to strengthen financial support for local self-employed and small business owners struggling due to the economic downturn and to revitalize the local economy.

The target is self-employed and small business owners with business locations in Busan, and the loan limit is up to 100 million KRW per company. Priority support is given to companies established less than three years ago, companies related to Busan City's strategic industries, Zero Pay member companies, and Dongbaekjeon affiliated stores.

The loan interest rate is around 2.60% per annum, and especially for companies established less than three years ago, the interest rate is specially discounted by 0.90 percentage points for the first year, allowing loans at a minimum interest rate of 1.70%.

In addition, to alleviate the financial burden on local self-employed and small business owners, the guarantee fee will be reduced and applied at 0.70%.

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