Gwangju Bank to Provide 500 Billion KRW in Special Funds for SMEs Ahead of the Holiday

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] Gwangju Bank (President Song Jong-wook) will support the 'Special Loan Fund for Small and Medium Enterprises' until October 15th ahead of the Chuseok holiday.

Gwangju Bank announced that it has allocated 300 billion KRW in new funds to urgently support local small and medium enterprises and small business owners facing difficulties with operating funds, such as labor costs or unpaid wages, raw material purchase funds, and emergency payment funds.

The support limit per company is up to 3 billion KRW, and they plan to ease financial burdens by offering a preferential interest rate of up to 0.70 percentage points (p) below the calculated interest rate.

They have also allocated 200 billion KRW in maturity extension funds, allowing customers with loans maturing during this period to extend the maturity upon request, except in special cases.

Song Jong-wook, President of Gwangju Bank, said, "We will continue to pursue value beyond profit with a sense of mission and implement various financial support measures for local small and medium enterprises and small business owners to achieve mutual growth with the region."

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