Busan City Expands Loan Handling for 140 Saemaeul Geumgo Branches and Small Business Operating Funds

Promotion of Business Agreement at 2 PM on the 22nd, Handling from March 2

Support through Saemaeul Geumgo Low-Interest Loans and Busan City Interest Subsidies

Panoramic view of Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Saemaeul Geumgo will handle policy financing for working capital loans to small and medium-sized enterprises (SMEs) in the Busan area.

Busan City (Acting Mayor and Deputy Mayor Lee Byung-jin) will sign a business agreement on the handling of "Busan Metropolitan City SME Working Capital Loan" with 140 Saemaeul Geumgo branches in the Busan area and the Busan Regional Headquarters of the Saemaeul Geumgo Central Association at 2 p.m. on the 22nd at Busan City Hall.

Under this agreement, starting from March 2, 140 Saemaeul Geumgo branches in the Busan area will handle SME working capital loans worth 300 billion KRW annually, operated by 13 commercial banks including Busan Bank.

The SME working capital fund operated by the Busan City SME Development Fund is managed by commercial financial institutions providing low-interest loans, with Busan City compensating the difference between the general market interest rate and the low-interest rate.

The 140 Saemaeul Geumgo branches in the Busan area have total assets of 16.8554 trillion KRW, serve 2 million customers, and are representative regional financial institutions targeting financially vulnerable groups.

Lee Byung-jin, Acting Mayor of Busan, said, "Through the expansion of Busan City's policy finance role and the handling of SME working capital loans by Saemaeul Geumgo in the commercial market, we hope this will serve as an opportunity to revitalize support for local SMEs and low-income households, which have been increasingly challenged by COVID-19, and to restore economic vitality."

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