Busan Bank Receives 'Financial Services Commission Chairman's Commendation' for Financial Industry Development

Recognition for Financial Support and Other Contributions to Overcoming the COVID-19 Crisis

[Asia Economy Reporter Park Sun-mi] BNK Busan Bank announced on the 7th that it received the ‘Financial Services Commission Chairman’s Commendation’ in the financial industry development category in recognition of its contributions to supporting small and medium-sized enterprises (SMEs) and providing financial assistance to overcome the COVID-19 crisis.

Busan Bank explained that it plays a strong supporting role for local SMEs through the Special Fund for SME Liquidity Support to resolve management difficulties of SMEs, BNK Giteuk Loan to support companies with technological capabilities, and intellectual property (IP) secured loans. Additionally, it has been actively supporting job creation and fostering startup companies in the region by hosting the Busan Metropolitan Area Job Fair and operating the Startup Support Center, Some Incubator, for nurturing innovative startups.

Last year, the bank implemented the ‘SME Liquidity Support Program’ which provided loan repayment deferrals, interest deferrals, and preferential interest rates for companies affected by COVID-19, and established and operated the ‘COVID-19 Rapid Support Team’ for swift financial assistance. In particular, it contributed 13 billion KRW to the Busan Credit Guarantee Foundation and supported over 1 trillion KRW in new loans through multiple guarantee loan agreements and government policy loan products, implementing various financial support policies for local SMEs and small business owners struggling due to COVID-19.

A representative from Busan Bank stated, “Busan Bank will continue to be a reliable pillar for SMEs and small business owners and do its best to revitalize the local economy.”

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