Gwangju Bank's 'Inclusive Finance Center' Celebrates 1st Anniversary... Establishes Itself as a Hub for Financial Support to the Underprivileged

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 18th that its Inclusive Finance Center, which practices inclusive finance such as financial support and management consulting for small business owners and financially vulnerable groups, has marked its 1st anniversary since opening.

On November 20th last year, the Gwangju Bank Inclusive Finance Center, which made a new start at the location used as the head office when the bank was founded in 1968, supported 14 billion KRW in funds through special inclusive finance loans to about 600 small business owners and financially vulnerable groups within one year of opening. It also provided free management consulting such as marketing, taxation, and commercial area analysis to 280 small business owners, establishing itself as a one-stop comprehensive consultation center for local grassroots finance.

In particular, the Gwangju Bank Inclusive Finance Center, the first priority project for pursuing values beyond profit under President Song Jong-wook’s management philosophy, took the lead in providing financial support to local small business owners struggling amid the prolonged economic downturn caused by COVID-19.

The center signed business cooperation agreements for inclusive finance support for small business owners with Dong-gu Office and Gwangsan-gu Office of Gwangju Metropolitan City, the Gwangju branch of the Korea Foodservice Industry Association, and the Gwangju Merchants Association. It supported local small business owners facing difficulties in business operations by providing financial support, professional management consulting, and group education.

Focusing on sincere financial counseling and marketing, the Gwangju Bank Inclusive Finance Center dedicates efforts to accurate assessment of customers’ economic situations and proposing financial solutions, ranging from customized financial support to education and management consulting that help improve financial difficulties.

High customer satisfaction has spread by word of mouth throughout the region, earning praise for deeply penetrating the financial lives of local small business owners and grassroots citizens.

Among customers who used the Inclusive Finance Center, 44% experienced an increase in their credit ratings.

Through the CMS (Credit Management Service), which is being implemented to embrace customers who previously used high-interest loans from secondary financial institutions and loan companies into the primary financial sector, continuous analysis of credit rating changes was conducted. Among about 500 customers analyzed, 218 customers saw their credit ratings improve up to the highest level of grade 4.

The Inclusive Finance Center did not lose the footsteps of small business owners who could not cross the threshold of institutional finance and were about to turn to savings banks and loan companies. As a result, many customers have been able to secure operating funds through the Inclusive Finance Center by enabling transactions with primary financial institutions due to their improved credit ratings.

Gwangju Bank President Song Jong-wook said, “I believe that finance that supports people in difficult times is exactly the role of the Inclusive Finance Center,” and added, “With the sense of mission as the representative bank of Gwangju and Jeonnam, we will do our best to become the most trusted and beloved Gwangju Bank by local residents.”

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