Changwon City Establishes 100 Billion Won Co-Growth Cooperation Fund ... Low-Interest Loans for SMEs

On the 31st, Changwon City in Gyeongnam signed a win-win growth cooperation agreement worth 10 billion KRW with BNK Gyeongnam Bank in the reception room.

[Asia Economy Yeongnam Reporting Headquarters Reporter Ju Cheol-in] Changwon City in Gyeongnam has achieved its goal of raising 100 billion KRW in Win-Win Growth Cooperation Funds to support small and medium-sized enterprises (SMEs) and small business owners.

On the 1st, Changwon City announced that on the 31st it signed a 10 billion KRW Win-Win Growth Cooperation agreement with BNK Gyeongnam Bank.

With this agreement, Changwon City has reached a total of 100 billion KRW in Win-Win Growth Cooperation Funds.

Since 2018, when the 7th local government administration began with the goal of job creation and economic revitalization, Changwon City has been raising funds equally with financial institutions to provide low-interest loans to SMEs through the Win-Win Growth Cooperation Funds.

The funds were raised as 30 billion KRW in 2018, 30 billion KRW in 2019, 30 billion KRW in 2020, and 10 billion KRW this year, achieving a total of 100 billion KRW.

Up to last year, 384 local SMEs, mainly job-creating companies, smart industrial complex tenants, companies in new growth engine sectors, and shipbuilding and Korea GM partner companies, have benefited from the Win-Win Growth Cooperation Funds.

The loan limit is 500 million KRW, and the preferential interest rate is 1.5 percentage points. Depending on credit rating and transaction contribution, Gyeongnam Bank provides an additional reduction of up to 1.5 percentage points, allowing a maximum interest reduction of up to 3 percentage points.

Changwon City expects that with the additional 10 billion KRW raised, at least 20 more companies will benefit.

Mayor Heo Seong-moo said, “The Win-Win Growth Cooperation Funds will be a great support for SMEs during these difficult times due to COVID-19,” and added, “We will continue to collaborate with financial institutions to strengthen the competitiveness of SMEs and contribute to the development of local industries.”

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