Changwon City Supports Small and Medium Enterprises with 20 Billion Won in Partnership with BNK Gyeongnam Bank

Signing of Win-Win Cooperation Agreement ... Loan Limit 500 Million KRW, 1.5% Annual Interest Reduction

On the 20th, Changwon City in Gyeongnam and BNK Gyeongnam Bank signed a win-win growth cooperation agreement to revitalize the local economy. (Photo by Changwon City)

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Choi Hyun-joo] Changwon City in Gyeongnam announced on the 20th that it has signed a win-win growth cooperation agreement with BNK Gyeongnam Bank to overcome the novel coronavirus infection (COVID-19) and revitalize the local economy.

This agreement aims to raise 200 billion KRW in win-win growth cooperation funds, with the city and financial institutions each contributing 50% from 2018 to 2021. The city raised 170 billion KRW by last year and supported 398 companies.

This year, the two institutions each invested 10 billion KRW to raise 20 billion KRW in win-win growth cooperation funds, expanding the support targets to include smart industrial complex resident companies and nuclear power plant partner companies, and plan to provide low-interest loans to at least 40 small and medium-sized enterprises.

The support limit is up to 500 million KRW, and a 1.5% interest rate reduction is applied when borrowing.

Additionally, depending on the company's credit rating, transaction contribution, and other internal bank regulations, an additional reduction of up to 1.5% can be applied, allowing for a maximum interest reduction of 3.0%.

The win-win growth cooperation funds are scheduled to be available from the 3rd of next month, and detailed support information and fund applications can be checked and submitted at each branch of Gyeongnam Bank.

Heo Seong-mu, mayor of Changwon City, said, “The 20 billion KRW win-win growth cooperation funds raised through this agreement will be a blessing for companies struggling with management difficulties due to COVID-19,” and added, “Gyeongnam Bank is making a great contribution to the local community.”

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