Ulsan City and Local Financial Institutions Join Forces Against COVID-19

Ulsan City Signs 'Mutual Growth Finance Business Agreement' with 13 Regional Financial Institutions

Ulsan City Hall exterior view. (Photo by Ulsan City Hall)

[Asia Economy Yeongnam Reporting Headquarters Reporter Yoon Yoseop] Amid concerns over economic recession due to COVID-19 and other factors, Ulsan City and local financial institutions are joining forces to restore consumer sentiment and support local small and medium-sized enterprises (SMEs).

On the 13th at 10:30 a.m., Ulsan City announced that it signed a 'Win-Win Finance Business Agreement' with 13 financial institutions in the 7th-floor situation room to jointly cooperate in providing management stabilization funds to local SMEs and small business owners.

The signing ceremony was attended by Ulsan Mayor Song Cheol-ho, heads of 13 local commercial bank branches including BNK Gyeongnam Bank Ulsan Headquarters, and the chairman of the Ulsan Credit Guarantee Foundation.

Through this agreement, operating funds will be promptly provided to SMEs and small business owners temporarily facing financial difficulties, creating stable management conditions and jointly promoting the revitalization of the local economy.

Ulsan City has been increasing financial support annually to promote the continuous growth of companies and revitalize the local economy. In particular, since last year, it has been pursuing institutional improvements to enhance the efficiency of financial support.

Mayor Song Cheol-ho said, "I appreciate the participation of local financial institutions in revitalizing the local economy, which has been depressed due to the COVID-19 crisis," and added, "I hope this win-win cooperation will be an opportunity for the local economy to recover."

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