Busan Bank Launches 'Modulon' with 50 Billion KRW Nationwide for the First Time... Supporting Small and Micro Enterprises and Small Business Owners

Busan Bank Headquarters Exterior (Photo by BNK)

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Woo-kwon] BNK Busan Bank announced on the 30th that it will support local small and medium-sized enterprises and small business owners by implementing 'Modulon,' a 50 billion KRW scale agreement guarantee loan.

'Modulon' is the nation's first inclusive finance product for the underprivileged, where multiple financial institutions including Busan City and Busan Bank form an agreement to create a 10 billion KRW fund and provide a total of 100 billion KRW in financial support.

To launch Modulon, Busan Bank made a special contribution of 5 billion KRW to the Busan Credit Guarantee Foundation to implement an agreement guarantee loan worth 50 billion KRW.

The support targets small and micro enterprises and small business owners who were in the blind spots of the first-tier financial sector, with up to 50 million KRW support per company through screening. The loan interest rate is provided at an annual rate of 2.36%, supported by interest rate subsidies from Busan City.

Meanwhile, since the 29th, Busan Bank has also been implementing the 'Second Financial Support Loan for Small Business Owners' to support small business owners struggling due to the novel coronavirus infection (COVID-19).

The 'Second Financial Support Loan for Small Business Owners' provides support up to 10 million KRW per company, with the interest rate specially reduced by 0.8% from the customer-specific calculated rate.

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