Jeonbuk Bank's Second Support for Small Business Owners... 'Applications Accepted from the 29th'

[Asia Economy Honam Reporting Headquarters Reporter Gominhyeong] JB Financial Group Jeonbuk Bank announced that it will start accepting applications from the 29th for the ‘Small Business Owners 2nd Financial Support Program,’ which provides loans of 10 million KRW to small business owners affected by COVID-19.

Unlike the first financial support program, the second program has improved procedures so that Jeonbuk Bank can handle applications, reception, and guarantee screening all in one stop.

Although the loan amount has decreased compared to the first program, which allowed up to 70 million KRW, the number of eligible recipients expected to benefit from the loan will increase.

However, small business owners who have already received loans through the first financial support program cannot apply for the second.

Those who have overdue national or local taxes, existing debt delinquents, those prohibited from entrusted guarantees, and businesses restricted from guarantee handling are also excluded.

The loan interest rate ranges from 2.90% to 4.99% per annum depending on credit rating, with a loan period of 5 years, including a 2-year grace period followed by 3 years of installment repayment. Early repayment fees are waived.

Jeonbuk Bank President Im Yongtaek said, “We expect this second loan to relieve the liquidity shortage, payment fund shortage due to decreased sales, and fixed expenses caused by the ongoing impact of COVID-19, providing a lifeline to small business owners going through difficult times.”

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