Busan City, Hana Bank, and Busan Shinbo Sign Business Agreement to Support Special Funds for Small Business Owners

Contract Signing at City Hall on the 24th at 10:30 AM

Special Fund Support Totaling 150 Billion KRW

Busan City, Hana Bank, and Busan Credit Guarantee Foundation join forces to attract the 2030 Busan World Expo and stabilize small business management.

Busan City Hall.

On the 24th at 10:30 a.m., Busan City will sign a “Special Fund Support Agreement for Small Businesses to Support the Attraction of the 2030 Busan World Expo” with Hana Bank and Busan Credit Guarantee Foundation at the 7th-floor video conference room of Busan City Hall, aiming to reduce the financial burden on small business owners and express hopes for attracting the 2030 Busan World Expo.

The “Busan City Small Business Special Fund” is a policy fund that lends money to small business owners and partially supports interest costs (interest subsidy) from the city to alleviate their financial burden. Through this agreement, Hana Bank will make a special contribution to the guarantee fund for the “Busan City Small Business Special Fund,” the city will expand the interest subsidy support from the existing 1.5% to 2.5%, and Busan Credit Guarantee Foundation will reduce guarantee fees to ease the financial burden on small business owners.

This agreement was made following Hana Bank’s intention to participate in attracting the 2030 World Expo to Busan and to resolve difficulties faced by local small business owners by making a special contribution of 10 billion KRW. The total loan scale is 150 billion KRW.

The funds will be provided in three phases, with the first phase of policy funds amounting to 60 billion KRW, which can be applied for starting from the 24th through Hana Bank and Busan Credit Guarantee Foundation.

As the number of small business owners facing severe management difficulties increases due to the ongoing triple crisis (high inflation, high interest rates, and high exchange rates) and rising energy prices, the city expanded the interest subsidy support for 60 billion KRW of special funds for small businesses to 2.5% starting May 8. With Hana Bank’s participation, an additional 60 billion KRW will receive a 2.5% interest subsidy.

Lee Seong-gwon, Deputy Mayor for Economic Affairs, said, “It is very meaningful that Hana Bank, a central financial institution, is taking the lead in attracting the World Expo and supporting local small businesses,” and added, “We hope this agreement will help successfully attract the World Expo and alleviate the management difficulties of small business owners struggling with high interest rates and inflation.”

For detailed information regarding fund support, inquiries can be made to the Busan Credit Guarantee Foundation.

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