Busan·Gyeongnam Bank Provides 1.6 Trillion Won in Special Lunar New Year Funds to Local SMEs

January 11 to March 10, Both Banks Jointly Support 800 Billion KRW Each for 'BNK 2021 New Year Hope Sharing Special Loan'

[Asia Economy Reporter Park Sun-mi] Busan Bank and Gyeongnam Bank are providing a total of 1.6 trillion KRW in the ‘BNK 2021 New Year Hope Sharing Special Loan’ to local small and medium-sized enterprises (SMEs) and small business owners ahead of the Lunar New Year holiday.

According to BNK Financial Group on the 12th, Busan Bank and Gyeongnam Bank will each support 800 billion KRW (400 billion KRW in new loans and 400 billion KRW in loan extensions) from January 11 to March 10, totaling 1.6 trillion KRW, to alleviate financial difficulties faced by local SMEs struggling due to COVID-19 and the regional economic downturn, and to revitalize the local economy.

The support targets include companies affected by COVID-19, local startups, SMEs with long-term transactions with both banks, companies creating local jobs, firms with excellent technology, and SMEs engaged in local government strategic industries. The maximum support amount per company is up to 3 billion KRW. Additionally, to reduce financial costs for local SMEs, an interest rate reduction of up to 1.0% will be provided.

Detailed information about the special loan can be confirmed at all branches and customer centers of Busan Bank and Gyeongnam Bank. A BNK Financial Group official stated, “We hope this special fund will provide some help to local merchants suffering from management difficulties due to the impact of COVID-19,” and added, “BNK will continue to promote various financial programs to support the revitalization of the local economy and the management stability of companies.”

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