Gwangju Bank and Gwangju Seo-gu Implement 'Special Guarantee Loan for Small Business Owners' Agreement

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 26th that it signed a 'Special Guarantee Agreement for Small Business Owners' with Seo-gu, Gwangju Metropolitan City at the Seo-gu Office to respond to the prolonged COVID-19-induced regional economic downturn and support small business owners in overcoming the crisis.

Through this agreement, Gwangju Bank separately contributed 50 million KRW to support small business owners in Seo-gu, Gwangju, in overcoming the COVID-19 crisis and decided to provide a total of 1.8 billion KRW in 'Seo-gu Small Business Owner Special Guarantee Loans.'

The 'Seo-gu Small Business Owner Special Guarantee Loan' supports small business owners operating in Seo-gu who meet certain conditions (manufacturing and construction businesses with fewer than 10 regular employees / wholesale, retail, food service, and service industries with fewer than 5 regular employees) and who have been recommended by Gwangju Bank or the Gwangju Credit Guarantee Foundation, providing up to 20 million KRW per business, with a loan period of up to 5 years.

Gwangju Bank offers a special preferential loan interest rate reduction of up to 0.3 percentage points (p), and Seo-gu Office will compensate for a 2% interest difference for one year after the loan is issued.

Lee Chun-woo, Vice President of Gwangju Bank, said, "We hope to support small business owners in the region who are struggling due to the prolonged COVID-19 pandemic and thereby revitalize the local economy," adding, "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."

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