Jeonbuk Bank Expands Financial Support for Companies Affected by COVID-19

[Asia Economy Honam Reporting Headquarters Reporter Gominhyeong] JB Financial Group Jeonbuk Bank (President Im Yong-taek) announced on the 29th that it will provide additional financial support for COVID-19 affected companies under the existing 'Public Institution Win-Win Cooperation Agreement Guarantee Support Project' with a limit of 10 billion KRW (including a special contribution of 700 million KRW from Jeonbuk Bank) through an agreement with Saemangeum Development Corporation and Jeonbuk Credit Guarantee Foundation for small and medium-sized enterprises in Jeonbuk Province.

The support details include a maximum limit of 220 million KRW per company, a grace period of 1 year with 7 years of installment repayment or 8 years of installment repayment without a grace period, and an interest rate ranging from a minimum of 2.14% to a maximum of 2.54% (variable rate).

The newly added support targets companies located in Jeonbuk Province for more than 3 months with sales decreased by more than 10%, and companies recommended by the bank located in Gunsan National Industrial Complex, Gunsan 2 National Industrial Complex, and Gunsan Free Trade Zone.

Im Yong-taek, President of Jeonbuk Bank, said, "This support aims to help improve the management environment of small and medium-sized enterprises suffering from dual hardships such as liquidity shortages due to the prolonged impact of COVID-19, payment fund shortages due to sales decline, employee salaries, fixed expenses, economic recession, and sluggish domestic demand."

For detailed information on loan applications, please contact the nearest Jeonbuk Bank branch, customer center, or Jeonbuk Credit Guarantee Foundation.

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