"Cheer Up Small Business Owners!" ... Ulsan City and BNK Gyeongnam Bank Sign Business Agreement for 'Small Business Hope Sharing Project'

Credit Rating Irrelevant, Unsecured, No Guarantee ... Support Up to 10 Million Won Limit

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Ulsan City will sign a business agreement with BNK Gyeongnam Bank on August 25 at 4:30 PM in the city hall yard to support small business owners facing difficulties securing funds ahead of Chuseok due to COVID-19 through the 'Small Business Hope Sharing Project.'

Attending the agreement ceremony are Mayor Kim Doo-gyeom, BNK Gyeongnam Bank President Choi Hong-young, and Ulsan Sales Headquarters Director Lee Sang-bong.

The agreement includes mutual cooperation between Ulsan City and BNK Gyeongnam Bank to provide efficient financial support to small business owners experiencing temporary financial difficulties.

The funds supplied by Gyeongnam Bank amount to a total of 5 billion KRW.

Small business owners with an annual income of 35 million KRW or less can receive unsecured and non-guaranteed funds up to 10 million KRW regardless of credit rating, with installment repayment terms within 5 years. However, those currently overdue or with bad credit are excluded.

Especially, before and after the agreement ceremony, BNK Gyeongnam Bank President Choi Hong-young and others will introduce special funds for small business owners on-site, and recommendation letters will be issued through consultations at the counseling desk.

Small business owners wishing to apply for special loans can visit BNK Gyeongnam Bank branches located in the Ulsan area for consultation and application until the end of September.

The city stated, "We consider it meaningful that a financial institution based in the region is actively taking the lead in supporting local small business owners ahead of Chuseok, a time when everyone should be prosperous," and added, "We hope this agreement will bring hope to local small business owners."

Ulsan City and BNK Gyeongnam Bank have been supporting special funds to assist local small business owners facing difficulties due to COVID-19 for three consecutive years since 2020 through this agreement.

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