Gwangju Bank Supports Special Guarantee Loans for Small Businesses Affected by COVID-19 Downturn

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] Gwangju Bank announced on the 25th that it has signed a 'Special Guarantee Agreement for Small Business Owners' with Seo-gu, Gwangju Metropolitan City, and the Gwangju Credit Guarantee Foundation to respond to the prolonged economic downturn caused by COVID-19.

Through this agreement, Gwangju Bank separately contributed 50 million KRW to support small business owners in Seo-gu, Gwangju, who are experiencing management crises due to COVID-19 quarantine guideline restrictions on business hours and economic recession, and decided to support 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, Gwangju, with up to 20 million KRW per business. The loan period is up to 5 years. The loan interest rate is specially discounted by 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.

Song Jong-wook, President of Gwangju Bank, said, "We hope to support small business owners in the region who are suffering from management difficulties due to the prolonged economic downturn and business hour restrictions caused by COVID-19, and thereby revitalize the local economy." He added, "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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