Gwangju Bank, 1 Billion KRW Special Contribution for 'COVID-19 Damage Support'

[Asia Economy Reporter Kim Min-young] Gwangju Bank announced on the 27th that it has signed a financial support business agreement with the Gwangju Credit Guarantee Foundation to overcome the damage caused by the novel coronavirus infection (COVID-19).

Gwangju Bank made a special contribution of 1 billion KRW to the Gwangju Credit Guarantee Foundation, and the foundation will use this fund to provide a total of 15 billion KRW in special guarantees.

The support targets small businesses and small merchants located in the Gwangju area who have been affected by COVID-19, and are recommended by either Gwangju Bank or the foundation. Support is provided up to 100 million KRW per company.

The loan period is within 5 years, and the guarantee fee borne by the customer is preferentially applied at 0.7~1.0% regardless of credit rating. The loan interest rate is specially discounted by up to 0.7 percentage points per year.

Song Jong-wook, president of Gwangju Bank, said, “We will continue to fulfill our role as a representative bank of Gwangju and Jeonnam by achieving mutual growth through various financial supports for local residents.”

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