BNK Financial Group Supplies 1 Trillion Won for 'COVID-19 Win-Win Finance'

[Asia Economy Reporter Kim Hyo-jin] BNK Financial Group announced on the 29th that it will promote a ‘Win-Win Finance Program’ worth approximately 1 trillion KRW to support liquidity and recovery for ordinary citizens and small business owners struggling due to COVID-19.

BNK’s ‘Win-Win Finance Program’ operates through a ‘Liquidity Support Program’ that supports smooth economic activities by supplying new funds, and a ‘Recovery Support Program’ aimed at reducing financial costs of existing loans. A total of 1.016 trillion KRW will be supported (611 billion KRW for the ‘Liquidity Support Program’ and 405 billion KRW for the ‘Recovery Support Program’).

By affiliate, Busan Bank will provide 452 billion KRW, Gyeongnam Bank 354 billion KRW, BNK Capital 190 billion KRW, and BNK Savings Bank 20 billion KRW.

Under the ‘Liquidity Support Program,’ Busan Bank and Gyeongnam Bank will provide new funds up to 100 million KRW per business at low interest rates to small business owners in the Busan, Ulsan, and Gyeongnam regions through agreements with local governments and the Busan·Gyeongnam Credit Guarantee Foundation. The total support amount is 105 billion KRW for Busan Bank and 122 billion KRW for Gyeongnam Bank.

Additionally, for small and medium-sized enterprises directly or indirectly affected by COVID-19, Busan Bank and Gyeongnam Bank will provide support up to 500 million KRW and 1 billion KRW respectively, with a maximum of 500 million KRW per business.

BNK Capital will offer mid-interest loans up to 30 million KRW as living expenses to low-income individuals earning less than 30 million KRW annually, and provide funds up to the vehicle price for small business owners purchasing livelihood vehicles or using auto leases or rental cars for their business.

BNK Savings Bank will also offer preferential interest rates when handling Sunshine Loans for self-employed individuals or provide special loans up to 10 million KRW to self-employed store owners in the Busan area.

The ‘Recovery Support Program’ includes a ‘Delinquent Interest Reduction Program’ that fully waives related delinquent interest if borrowers who have COVID-19-related loans or are small business owners in recognized affected industries currently in loan arrears resume normal repayment of principal and interest, and offers refinancing from high-interest loans such as private loans and secondary financial sector loans to mid-interest loans in the primary financial sector for customers who are faithfully repaying.

In particular, Busan Bank and Gyeongnam Bank will extend the maturity at the previous loan interest rates for borrowers supported under the existing COVID-19 secondary interest subsidy agreement loans (Busan Bank 200 billion KRW, Gyeongnam Bank 102 billion KRW).

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