Gwangju Bank Directly Conducts Loan Guarantee Consultations for Companies Affected by COVID-19

On the 11th, Song Jong-wook, President of Gwangju Bank, is consulting with a customer at the dedicated support desk for companies affected by COVID-19, set up at the Inclusive Finance Center in Dong-gu, Gwangju. Photo by Gwangju Bank

[Asia Economy Reporter Kim Min-young] Gwangju Bank announced on the 11th that it will directly handle the operations of the Gwangju Credit Guarantee Foundation at the bank to provide rapid financial support to companies struggling due to the novel coronavirus infection (COVID-19).

Due to the surge in consultations at the Gwangju Credit Guarantee Foundation regarding management difficulty loans for companies affected by COVID-19, guarantee consultations and on-site inspections have been delayed, prompting the bank to take proactive measures.

Gwangju Bank will handle guarantee consultations, document submissions, on-site visits, and guarantee agreements on behalf of the Credit Guarantee Foundation.

Currently, it takes about 1 to 2 months from the issuance of the guarantee certificate to actually receiving the loan, but this time is expected to be significantly reduced going forward.

According to the Gwangju Credit Guarantee Foundation, the total number of pending guarantee consultations until the 10th of next month reaches 3,553 cases, a 66.7% increase compared to the same period last year (2,131 cases). In some branches, consultations are reportedly unavailable until the 28th of next month.

Gwangju Bank stated, "The inconvenience of having to visit both Gwangju Bank and the Credit Guarantee Foundation alternately for loan applications will be reduced, and rapid loan consultations are expected."

Additionally, Gwangju Bank has established dedicated COVID-19 damage consultation counters at all 145 branches, and especially, 77 branches in the Gwangju area will be exclusively responsible for the guarantee support tasks of the Credit Guarantee Foundation.

On the day, Song Jong-wook, President of Gwangju Bank, personally conducted consultations and loan support for affected companies at the Dong-gu Inclusive Finance Center in Gwangju. President Song said, “I hope this measure, prepared to share the difficulties of local small business owners affected by the spread of COVID-19, will be of some help to small businesses and small merchants in the region.”

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