Busan Bank Provides 150 Billion KRW Financial Support to COVID-19 Affected Businesses and Self-Employed

On the morning of the 14th (Friday), BNK Busan Bank signed an agreement with Busan City at Busan City Hall to "overcome COVID-19 damage and expand inclusive finance." (From the right: Kim Ji-wan, Chairman of BNK Financial Group; Oh Keo-don, Mayor of Busan Metropolitan City; Bin Dae-in, President of Busan Bank; Park Sung-hoon, Deputy Mayor for Economic Affairs of Busan Metropolitan City) / Photo by BNK Busan Bank

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Jonghyo] Busan Bank has joined hands with Busan City to actively support local businesses in overcoming crises and revitalizing the regional economy.

BNK Busan Bank announced on the morning of the 14th at Busan City Hall that it signed an agreement with Busan City on "Overcoming COVID-19 Damage and Expanding Inclusive Finance," providing financial support worth 150 billion KRW to companies affected by the novel coronavirus infection (COVID-19) and small self-employed business owners.

Through the agreement, Busan Bank will make a special contribution of 9.5 billion KRW to the Busan Credit Guarantee Foundation to implement guarantee loans under the agreement.

First, to support local small and medium-sized enterprises (SMEs) affected by the impact of COVID-19, 4.5 billion KRW will be contributed. The total loan limit is 100 billion KRW, with a maximum of 100 million KRW per company, at a minimum annual interest rate of 1.5%, and support for up to 2 years.

For small SMEs and self-employed individuals with low credit ratings, 5 billion KRW will be contributed to prepare low-interest loans with a total limit of 50 billion KRW.

Additionally, for loans maturing during the financial support implementation period, loan maturity extensions of up to one year and installment repayment deferrals will be provided.

Kim Ji-wan, Chairman of BNK Financial Group, stated, "Through this agreement, we will actively support self-employed and small business owners, who are the foundation of the local economy, to conduct stable business activities," and added, "We will continue to be a reliable partner contributing to the revitalization of the regional economy."

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