Gwangju Bank Signs Business Agreement with Korea Technology Finance Corporation
Special Contribution of 500 Million Won for Companies Engaged in Materials and Parts Industry
[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 9th that it signed a "COVID-19 Affected Companies Support and Materials, Parts Industry Innovation Growth Financial Support Business Agreement" with the Korea Technology Finance Corporation on the 6th, following special contributions of 1 billion KRW each to the Gwangju Credit Guarantee Foundation and the Jeonnam Credit Guarantee Foundation.
As loan and guarantee support applications from small and medium-sized enterprises (SMEs) hit hard by the COVID-19 recession have surged, Gwangju Bank made a special contribution of 500 million KRW to the Korea Technology Finance Corporation to overcome regional difficulties together. The Korea Technology Finance Corporation will use this fund to provide a total of 10 billion KRW in preferential guarantees.
The main support targets are companies engaged in the materials and parts industry, job-creating companies, and companies in the innovation growth sector. Depending on the current situation, priority support will be given proactively to companies affected by COVID-19.
Additionally, the guarantee ratio will be preferentially set at 100%, and the guarantee fee will be reduced by 0.2 percentage points (p) annually for five years, providing a maximum loan interest rate preferential discount of up to 1.0 percentage point (p).
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Song Jong-wook, President of Gwangju Bank, said, "We are actively conducting financial consultations and support to help local SMEs affected by the spread of COVID-19 share their difficulties and overcome the crisis as soon as possible." He added, "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."
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