Jeonbuk Bank, 80 Billion KRW in COVID-19 Financial Support Performance

[Asia Economy Reporter Kim Min-young] Jeonbuk Bank announced on the 17th that it has provided over 80 billion KRW in financial support, including guaranteed loans, to companies affected by the novel coronavirus infection (COVID-19).

As of the 16th, Jeonbuk Bank has supported approximately 718 cases amounting to about 80.9 billion KRW through the 'COVID-19 Affected Company Support Loan Product' in partnership with the Korea Credit Guarantee Fund Central Association, the 'COVID-19 Affected Company Special Guarantee Loan Product' in cooperation with the Jeonbuk Credit Guarantee Foundation, and the 'Small Business Management Stabilization Fund Loan' in collaboration with the Small Enterprise and Market Service and the Korea Credit Guarantee Fund Central Association.

Since the 5th of last month, the bank has been providing emergency management stabilization funds totaling 200 billion KRW, with a maximum limit of 500 million KRW per company, to businesses experiencing temporary liquidity shortages due to the impact of COVID-19. It also offers financial support such as interest rate benefits of up to 1.0 percentage point, extension of deadlines without separate principal repayment, and deferral of installment repayments.

Meanwhile, on the 13th, Lim Yong-taek, President of Jeonbuk Bank, visited a small and medium-sized enterprise in Gunsan City, Jeonbuk Province, to listen to financial difficulties and challenges caused by COVID-19.

President Lim stated, “Through on-site visits to local small and medium-sized enterprises struggling due to COVID-19, we will listen to their difficulties and make prompt and multifaceted efforts to provide practical financial support reflecting these concerns. We will faithfully fulfill our role as a partner to local small and medium-sized enterprises to overcome the COVID-19 crisis.”

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