Gwangju Bank Inclusive Finance Center Leads Comprehensive Support for Small Business Owners

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 8th that it is actively leading the practice of inclusive finance to overcome 'COVID-19', centered on the Inclusive Finance Center.

The Gwangju Bank Inclusive Finance Center marked a new beginning on November 20 last year at the location that was used as the head office when the bank was founded in 1968, reflecting on Gwangju Bank's original intention to embrace the hardships of local residents and become a hopeful partner for small business owners and ordinary people in the region.

In just over four months since its opening, it has completed financial support of 5 billion KRW through special inclusive finance loans to about 200 financially vulnerable groups and small business owners affected by 'COVID-19', and provided free management consulting such as marketing, taxation, and commercial area analysis to 130 small business owners.

Additionally, through the CMS (Credit Management Service) currently being implemented to embrace users of high-interest loans from secondary financial institutions and loan companies into the primary financial sector, it has executed refinancing of high-interest loans for 124 customers. Analyzing the changes in credit ratings, 49 people (40%) achieved an increase of up to 3 grades compared to their previous credit ratings.

In particular, amid the unfortunate situation where consultations with the Small Enterprise and Market Service and the Credit Guarantee Foundation are surging due to the spread of 'COVID-19', and small business owners line up early in the morning to receive waiting tickets to cover fixed expenses such as labor costs and rent, the Gwangju Bank Inclusive Finance Center is accelerating the practice of inclusive finance by providing financial support and management consulting through rapid decision-making.

President Song Jong-wook of Gwangju Bank, who usually emphasizes prompt processing to provide funds timely without being bound by existing procedures regarding 'COVID-19' financial support, personally oversaw consultations and loan executions for businesses affected by 'COVID-19' at the Inclusive Finance Center on the 11th of last month.

Jung Il-seon, head of the Gwangju Bank Inclusive Finance Center, said, "Meeting small business owners who urgently need emergency operating funds such as rent and labor costs due to the damage caused by 'COVID-19' on-site, I feel a strong sense of responsibility to empathize with their pain and do my best to overcome the crisis together." He added, "We will spare no effort to overcome the 'COVID-19' crisis by making prompt decisions and providing timely financial support to small business owners and self-employed people in our region who need urgent help."

Meanwhile, the Gwangju Bank Inclusive Finance Center is located in Chungjangno 5-ga, Dong-gu, Gwangju Metropolitan City, and provides financial support, management consulting, and education to financially marginalized groups such as small business owners and low-credit individuals with credit ratings below grade 5 in the region.

Unlike regular bank hours, seven staff members including professional consultants are stationed from 9 a.m. to 6 p.m. on weekdays and from 9 a.m. to noon on Saturdays, supporting the hopeful lives of local small business owners.

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