Gyeongnam Bank Implements 'Financial Support' for Small and Medium-sized Businesses and Vulnerable Groups

BNK Gyeongnam Bank is leading coexistence with the local economy by presenting financial support measures that encompass both local small and medium-sized enterprises (SMEs) and vulnerable groups.

On the 14th, BNK Gyeongnam Bank announced that it will implement "Warm Financial Support" for local SMEs and vulnerable groups.

Gyeongnam Bank Headquarters.

The warm financial support introduced by BNK Gyeongnam Bank consists of new customer support, including ▲reduction of new loan interest rates ▲launch of a special refinancing product for high-interest loans ▲expansion of guarantee loans for local small business owners ▲Small Business Hope Sharing Project, and existing customer support, including ▲interest rate reduction for low-credit borrowers ▲lowering fixed interest rates on agreement loans for micro small business owners affected by COVID-19.

For new customer support, interest rates on household loan products such as mortgage loans (up to 0.8%p), jeonse deposit loans (up to 0.5%p), and credit loans (up to 0.4%p) are being reduced to alleviate borrowers' interest burdens, and the interest rate on the representative low-income financial product, Saehee-mang Holssi Loan, will be lowered by up to 1.0%p.

In addition, in response to the high-interest era, BNK Gyeongnam Bank plans to launch a "special refinancing product for high-interest loans" that allows customers struggling with high-interest loans from secondary financial institutions to refinance with BNK Gyeongnam Bank's credit loans.

For local small business owners lacking collateral, guarantee loans will be expanded through special contributions to the Gyeongnam and Ulsan Credit Guarantee Foundations, respectively.

The support limit is 63 billion KRW, which is 15 times the special contribution fund of 4.2 billion KRW, with additional support planned if necessary.

Moreover, in collaboration with local governments of Gyeongnam and Ulsan, a "Small Business Hope Sharing Project" worth a total of 15 billion KRW will be conducted, providing low-interest support of up to 10 million KRW per business.

For existing customer support, interest rates will be reduced by up to 0.5%p annually for low-credit customers (bottom 10% credit score) among users of credit loans, jeonse deposit loans, and other products.

Additionally, the period of the "COVID-19 Affected Micro Small Business Agreement Loan," which has been supported since 2020, will be extended and interest rates lowered to reduce the repayment burden on local small business owners.

Choi Hong-young, the bank president, said, "We have prepared warm financial support measures to help overcome the prolonged crisis situation. The warm financial support to be implemented for local SMEs, low-income people, and vulnerable groups is planned as a sustainable project, not a one-time event. Going forward, BNK Gyeongnam Bank will do its best to lead coexistence with the local economy and grow together with the local community."

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