Gwangju Bank and Gwangju Dong-gu Office Sign Special Guarantee Business Agreement for Small Business Owners

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 1st that on the 29th of last month, it signed a ‘Special Guarantee Business Agreement for Small Business Owners’ with Dong-gu District Office of Gwangju Metropolitan City and Gwangju Credit Guarantee Foundation to respond to the prolonged economic downturn caused by COVID-19.

Through this agreement, Gwangju Bank separately contributed 50 million KRW to support small business owners in Dong-gu, Gwangju, in overcoming the COVID-19 crisis, and decided to support a total of 1.2 billion KRW in ‘Dong-gu Small Business Special Guarantee Loans.’

The ‘Dong-gu Small Business Special Guarantee Loan’ supports small business owners operating in Dong-gu, Gwangju, with up to 30 million KRW per business, and the loan period is up to 5 years. The loan interest rate is specially discounted by up to 0.3 percentage points (p), and for 2 years after the loan is issued, Dong-gu District Office of Gwangju will compensate the interest difference of 2.5%.

Kim Jae-chun, Head of Sales Promotion Department at Gwangju Bank, said, “We hope to support small business owners in the region who are struggling with management difficulties due to the prolonged COVID-19 situation and thereby revitalize the local economy,” and added, “As the representative bank of Gwangju and Jeonnam, we will continue to prepare various financial support measures for local residents and achieve mutual growth with the region.”

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