BNK Financial Group Launches 22 Trillion KRW 'Small and Medium Enterprise Liquidity Support Program'

BNK Busan Bank Headquarters

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Jonghyo] BNK Financial Group announced on the 30th that it will strengthen support for small and medium-sized enterprises (SMEs) and small business owners facing difficulties due to COVID-19 through a total of 22 trillion won scale 'SME Liquidity Support Program.'

The 'SME Liquidity Support Program' to be implemented by BNK Busan Bank and BNK Gyeongnam Bank starting next month on the 1st will provide financial support measures such as new loan support and loan interest deferral in a package form.

First, the two banks will implement a new loan support program worth 830 billion won. For small business owners with credit ratings between 1 and 3, new loans totaling 530 billion won will be provided at an ultra-low interest rate of 1.5%, up to 30 million won per company. They also plan to implement a total of 300 billion won in agreement-guaranteed loans through the regional credit guarantee foundation.

In addition, for SME and small business loans totaling 19.7 trillion won maturing this year, the banks will extend the maturity for up to one year without principal repayment, and defer repayment for up to one year on installment payments totaling 1.1 trillion won.

For SMEs and individual business owners with sales of 500 million won or less, interest payment deferral will be granted for up to six months upon application, and a preferential loan interest rate program will be implemented to reduce interest rates on new loans and maturity extensions.

A BNK official said, "We plan to reduce waiting times and provide prompt financial support by actively utilizing non-face-to-face loan consultation applications through the mobile banking app and branch visit reservation system," adding, "We will spare no support for the speedy recovery of local companies and small business owners until the COVID-19 situation is resolved."

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