Bank of Korea Gwangju Jeonnam Headquarters Supports SMEs with 'Chuseok Holiday Special Funds'

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] The Bank of Korea Gwangju-Jeonnam Headquarters (Head Kim Yoon-ki) announced on the 12th that it will support 20 billion won worth of 'Chuseok Holiday Special Funds' to facilitate smooth financing for small and medium-sized enterprises located in the Gwangju and Jeonnam regions during the peak funding season of Chuseok.

The support target is loans handled by financial institutions for companies located in the Gwangju and Jeonnam regions* from the 18th of this month to the 17th of next month.

However, companies belonging to excluded loan industries such as real estate and entertainment, as well as professional industries such as law firms, patent offices, certified public accountants, tax offices, hospitals, and clinics are excluded.

During the support period, a portion of working capital loans* with a maturity of less than one year handled by financial institutions (proportionally distributed up to 50%) will be supported to financial institutions at a low interest rate (0.25% per annum as of August 2021).

The limit is up to 300 million won per company (based on 600 million won of loans handled by financial institutions).

A representative of the Bank of Korea Gwangju-Jeonnam Headquarters said, “We expect this measure to contribute to alleviating financial difficulties and reducing financial costs for self-employed and small and medium-sized enterprises in the region during the peak funding season of Chuseok.”

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