Busan·Gyeongnam Bank, 1.6 Trillion KRW Special Loans for Local SMEs

[Asia Economy Reporter Kim Min-young] BNK Financial Group's Busan Bank and Gyeongnam Bank announced on the 1st that they will provide a total of 1.6 trillion KRW in 'BNK Prosperous Chuseok Sharing Special Loans' to local small and medium-sized enterprises (SMEs) and small business owners in celebration of the Chuseok holiday.

The two banks will support a total of 1.6 trillion KRW, with 800 billion KRW each per bank (4 trillion KRW in new loans and 4 trillion KRW in loan extensions), from today until the 30th of next month to alleviate financial difficulties faced by local SMEs struggling due to the COVID-19 pandemic and to revitalize the local economy.

The support targets include local startup companies, SMEs with long-term transactions with the two banks, local job-creating companies, companies with excellent technological capabilities, and SMEs engaged in local government strategic industries.

The maximum support amount per company is up to 3 billion KRW, and an additional interest rate reduction of up to 1.0% per annum will be provided to reduce financial costs for local SMEs.

A BNK Financial Group official stated, "We hope this special fund will provide practical help to local merchants facing management difficulties due to the impact of COVID-19," and added, "BNK will continue to contribute to the stabilization of local businesses and the revitalization of the local economy through various financial support programs."

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