Support of 7.338 trillion KRW... Busan City, City Council, and BNK Busan Bank Sign Agreement to Support Local Economic Recovery

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Busan City, the City Council, and BNK Busan Bank are joining forces to support the recovery of the local economy.

On the morning of the 2nd, at City Hall, Busan City will sign a business agreement with the Busan City Council and BNK Busan Bank for the ‘Economic Crisis Overcoming Companion (同行) Project’ to help local small business owners and vulnerable groups overcome the dual hardships caused by high interest rates, high prices, high exchange rates, and the prolonged COVID-19 pandemic.

Through the Economic Crisis Overcoming Companion (同行) Project agreement, Busan City, the Busan City Council, and BNK Busan Bank will cooperate to provide a total of 7.338 trillion KRW in support to small business owners and vulnerable groups.

The support includes ▲2.62 trillion KRW for low-income financial support ▲3.925 trillion KRW for small business owners and vulnerable groups ▲793 billion KRW for recovery support.

Busan City will provide 2.62 trillion KRW in low-income financial support to alleviate housing cost burdens in the era of low birth rates and to create a marriage and childbirth-friendly environment.

The city will provide 1.9 trillion KRW for ‘interest rate preferential housing-related loans’ and ‘Busan City youth and newlywed jeonse (long-term deposit) loans’ to ease the burden of rising market interest rates.

Additionally, a new 240 billion KRW credit loan will be established for Dongbaekjeon affiliated business operators and Dongbaekjeon users to support the financial costs of Dongbaekjeon affiliated stores and encourage the expansion of affiliated stores.

Along with this, 480 billion KRW will be provided for ‘specialized credit loan support for individual business owners’ and ‘expansion of low-income financial support loans.’

Busan City will provide 3.925 trillion KRW to small business owners and vulnerable groups through measures such as ‘COVID-19 affected vulnerable groups’ repayment deferral’ and ‘special guarantees for small business owners and self-employed.’

The city will support ▲300 billion KRW for ‘replacement repayment guarantee loans for self-employed affected by COVID-19 with high interest rates’ and ‘interest rate reductions for vulnerable groups with high interest rates’ ▲600 billion KRW for ‘safe conversion loans’ and ‘expanded support for interest rate cap loans’ on mortgage loans ▲25 billion KRW for ‘Busan Youth Double Joy Account’ and ‘special early termination interest rates for low-income vulnerable groups’ to support youth independence.

Finally, to support the recovery of financially vulnerable groups, the city plans to provide ▲600 billion KRW for the ‘Credit Loan 119 Program’ ▲180 billion KRW for the ‘replacement repayment program for high-interest loans in the secondary financial sector’ and the ‘extinguishment of statute-barred claims program’ for debt reduction and credit information management record removal ▲13 billion KRW for the ‘COVID-19 affected small business owners’ overdue interest reduction program’ and ‘self-employed management consulting.’

Park Hyung-jun, Mayor of Busan, said, “Through this agreement, we will lay the foundation for the local economy to take off again by recovering the livelihood economy and supporting financially vulnerable groups, and we will continue to make efforts to revitalize the local economy.”

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