Gwangju Bank, 1 Billion KRW Special Contribution to Support COVID-19 Affected Businesses

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] On the 28th, Gwangju Bank signed a ‘Special Contribution Business Agreement for Mutual Development’ with Gwangju Credit Guarantee Foundation at its headquarters.

Attended by Song Jong-wook, President of Gwangju Bank, Byun Jeong-seop, Chairman of Gwangju Credit Guarantee Foundation, and other officials, Gwangju Bank made a special contribution of 1 billion KRW to Gwangju Credit Guarantee Foundation to expand financial support for small businesses and small merchants located in Gwangju Metropolitan City who are struggling due to the prolonged COVID-19 pandemic. Gwangju Credit Guarantee Foundation promised to overcome regional difficulties together by providing a total of 15 billion KRW in special guarantees using these funds.

The support targets small businesses and small merchants located in Gwangju recommended by either Gwangju Bank or Gwangju Credit Guarantee Foundation, with up to 200 million KRW support per company. The loan period is within 5 years, and Gwangju Bank will also provide an interest rate reduction of up to 0.5 percentage points (p) along with the special contribution.

President Song of Gwangju Bank said, “We hope to be a source of strength for small businesses and small merchants in the region who are experiencing difficulties such as decreased sales due to the prolonged COVID-19 pandemic, and furthermore, to be a spark that revitalizes the local economy.” He added, “We will continue to do our best to fulfill our role as the representative bank of Gwangju and Jeonnam by achieving mutual development together through various financial supports for local residents.”

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