BNK Gyeongnam Bank Launches '(Foundation) Startup Special Guarantee Loan' ... Supports Up to 50 Million KRW

For Small Businesses and Small Merchants Who Have Reopened or Changed Industries After Closure

[Asia Economy Yeongnam Reporting Headquarters, Reporter Song Jong-gu] BNK Gyeongnam Bank has signed a 'Re-Startup Special Guarantee Business Agreement' with the Korea Credit Guarantee Fund and launched the '(Re)Startup Special Guarantee Loan.'

The Startup Special Guarantee Loan is a credit product designed to support small businesses and small merchants that have closed or changed their business type due to COVID-19 damage.

The eligible applicants are small businesses and small merchants that have closed and restarted or changed their business type since 2020 and are currently operating with business registration as of the application date.

The loan period is up to one year for lump-sum repayment and up to five years for installment repayment (one-year grace period followed by four years of equal principal installment repayment). When linked with policy funds, the loan period and repayment conditions follow those of the policy funds.

The guarantee limit and guarantee ratio per company are up to 50 million KRW and 100% guarantee ratio, respectively. The loan interest rate is approximately 4.24% for lump-sum repayment and 4.44% for installment repayment (as of August 1).

Applications can be made through the guarantee consultation reservation application on each regional Credit Guarantee Foundation website.

Jung Yoon-man, Executive Director of the Credit Sales Headquarters, said, “Many small businesses and small merchants have experienced difficult times due to COVID-19. We hope that the Re-Startup Special Guarantee Loan can help those who are overcoming difficulties and starting anew.”

The Startup Special Guarantee Loan is implemented by all commercial banks, and sales will end once the joint bank quota of 1 trillion KRW is exhausted.

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