Gwangju Bank Signs Business Agreement with Gwangju City, Korea Technology Finance Corporation, and Gwangju-Jeonnam Small and Medium Business Administration

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 18th that it signed a business agreement to support the regional balanced New Deal to support local key industries, attended by Gwangju Mayor Lee Yong-seop, Gwangju Bank Vice President Lee Chun-woo, Korea Technology Finance Corporation Chairman Jeong Yun-mo, Gwangju-Jeonnam Small and Medium Business Administration Chief Jang Dae-gyo, and other officials.

This agreement is a collaboration among four institutions: Gwangju Bank, Gwangju Metropolitan City, Korea Technology Finance Corporation, and Gwangju-Jeonnam Regional Small and Medium Venture Business Administration. It is the nation's first agreement involving financial institutions, local governments, public institutions, and government ministries working together for the success of the regional balanced New Deal project.

The main support targets are small and medium enterprises engaged in local key 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 and provide 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 offer a 0.2 percentage point (p) reduction in guarantee fees.

Lee Chun-woo, Vice President of Gwangju Bank, said, “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 local key industries in Gwangju Metropolitan City.” He added, “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.”

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