BNK Financial Group Provides 1.6 Trillion KRW 'Seol Special Loans' to Local SMEs

[Asia Economy Reporter Song Seung-seop] BNK Financial Group announced on the 5th that it will provide 1.6 trillion KRW in funds to help local small and medium-sized enterprises (SMEs) overcome management difficulties.

Busan Bank and Gyeongnam Bank, subsidiaries of the group, will support local SMEs and small business owners with the ‘BNK SME Hope Recovery Lunar New Year Special Loan.’ This is to resolve the financial difficulties faced by companies due to the prolonged COVID-19 pandemic and regional economic downturn, and to revitalize the local economy.

The two banks will each provide 800 billion KRW in loans until March 2. The loans consist of 400 billion KRW in new loans and 400 billion KRW in maturity extensions of existing loans per bank. The maximum loan limit per company is 3 billion KRW. To reduce companies’ financial costs, an additional interest rate reduction of up to 1.0 percentage point will be provided.

The program targets local start-ups, companies creating local jobs, companies with excellent technology, SMEs engaged in local government strategic industries, and companies affected by COVID-19.

A BNK Financial Group official emphasized, “We hope this will be a small help for local merchants to overcome difficulties,” and added, “We will continue to provide various financial supports going forward.”

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