Gwangju Bank Provides Financial Support to Local Businesses... Special Contribution of 500 Million Won
[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 13th that it signed the ‘2020 Alleyway Commercial District Special Guarantee Financial Support Business Agreement’ with Gwangju Metropolitan City and Gwangju Credit Guarantee Foundation at Gwangju City Hall on the 12th, providing a special contribution of 500 million KRW to support small business owners in the alleyway commercial districts of Gwangju, and will offer the ‘Alleyway Commercial District Special Guarantee Loan.’
The special guarantee agreement for alleyway commercial districts is a project that has been promoted annually since 2012 by Gwangju Metropolitan City, financial institutions including Gwangju Bank, and the Gwangju Credit Guarantee Foundation. Under this agreement, Gwangju Bank decided to provide a special guarantee of 11 billion KRW to small business owners in the region who are struggling with financial difficulties.
The special guarantee loan supports small business owners in alleyway commercial districts and traditional markets across 58 industries such as wholesale and retail, and food service, with up to 25 million KRW per business, and the loan period is within 5 years.
After applying for the loan, Gwangju Metropolitan City will compensate for the interest rate difference of 2.5% for one year, allowing loans at a low interest rate ranging from a minimum of 0.38% to a maximum of 0.70%. Loan applications are available at all branches of Gwangju Bank.
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Kim Jae-chun, Head of Sales Promotion Department at Gwangju Bank, said, “We hope that by providing financial support to small enterprises and small business owners in the region who are experiencing financial difficulties due to the recent sluggish local economy and the spread of COVID-19, it will help revitalize the local economy.” He added, “We will continue to fulfill our mission as the representative bank of Gwangju and Jeonnam by preparing various financial support measures for local residents and achieving mutual development with the region.”
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