Gwangju Bank Signs Regional Balanced New Deal Business Agreement with Gwangju City, Kibo, and Small and Medium Business Administration

From the left, Jeong Yun-mo, Chairman of the Korea Technology Finance Corporation; Lee Chun-woo, Vice President of Gwangju Bank; Lee Yong-seop, Mayor of Gwangju Metropolitan City; Jang Dae-gyo, Head of Gwangju-Jeonnam Small and Medium Business Administration

[Asia Economy Reporter Kim Hyo-jin] Gwangju Bank announced on the 18th that it signed a regional balanced New Deal support business agreement at Gwangju City Hall, attended by Gwangju Mayor Lee Yong-seop, Gwangju Bank Vice President Lee Chun-woo, Korea Technology Finance Corporation Chairman Jung Yoon-mo, Gwangju-Jeonnam Small and Medium Business Administration Director Jang Dae-gyo, and other officials, to support key local industries.

This agreement is the first nationwide collaboration involving four institutions?Gwangju Bank, Gwangju City, Korea Technology Finance Corporation, and Gwangju-Jeonnam Regional Small and Medium Venture Business Administration?working together to back the success of the regional balanced New Deal project, combining financial institutions, local governments, public institutions, and government ministries.

The main support targets are small and medium enterprises engaged in key local industries and technology innovation-leading companies, specifically those operating in New Deal-related sectors such as intelligent home appliances, optical convergence, smart molds, and digital bio-medical industries.

Through this agreement, Gwangju Bank will make a special contribution of 1 billion KRW to support a 20 billion KRW scale guarantee, offering a preferential interest rate discount of up to 0.3 percentage points (p). The Korea Technology Finance Corporation will increase the guarantee ratio (from 85% to 100%) for preferential treatment and provide a 0.2 percentage point (p) reduction in guarantee fees.

Gwangju Bank Vice President Lee Chun-woo stated, “We will do our best to ensure the successful establishment of the Gwangju-type 3 major New Deal projects through financial support for companies engaged in key local industries in Gwangju City,” adding, “We will continue to pursue values beyond profit, such as ‘co-prosperity with the region,’ and prepare various financial support measures to accompany local companies and residents as the representative bank of Gwangju and Jeonnam.”

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