Gyeongnam Bank Launches Ultra-Low Interest Loans... 1.5% Annual Rate for Small Business Owners

[Asia Economy Reporter Kim Min-young] BNK Gyeongnam Bank announced on the 31st that it will implement an ultra-low interest emergency management fund loan at an annual rate of 1.5% for small business owners with low income.

The loan limit for the small business owner interest subsidy agreement loan is a total of 180 billion KRW. It is available to small business owners struggling due to the novel coronavirus infection (COVID-19) who have sales of 500 million KRW or less, have been in business for more than 3 months, and have a personal credit rating of grade 3 or higher.

Among the customer-applied interest rate of 3.0% per annum, Gyeongnam Bank bears 0.3%, and the Korea Credit Guarantee Fund bears 1.2% through interest subsidy, so the actual interest rate borne by small business owners is 1.5%.

Those who wish to apply for the loan can visit Gyeongnam Bank from the 1st of next month for consultation and application. Each person can borrow up to 30 million KRW. For those with a business period of 3 months or more but less than 6 months, the maximum loan amount is 10 million KRW.

The loan period is up to one year, and the interest subsidy is applied to the loan interest rate.

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