Gwangju Buk-gu, Hope Dream Financial Support for Small Business Owners

Buk-gu, Gwangju Metropolitan City, is joining forces with local financial institutions to launch a financial product that supports asset formation for small business owners.

On the 25th, Buk-gu announced that on the 28th, it will sign a business agreement for the 'Small Business Owners Hope Dream Inclusive Finance Support' with 11 Saemaeul Geumgo credit cooperatives and Gwangju Cultural Credit Union at the Buk-gu Office 2nd floor situation room.

Hope Dream Inclusive Finance is a preferential interest savings product jointly developed and launched by the public and private sectors to support asset formation and self-reliance of small business owners.

According to the agreement, Buk-gu and the partner financial institutions will provide an annual interest rate of 7.0%, consisting of a basic interest rate of 4.0% plus an additional preferential interest rate of 1.5% each.

Additionally, the savings product is designed with a 1-year maturity and monthly deposits ranging from 100,000 to 500,000 KRW, allowing small business owners to subscribe according to their financial situation.

Buk-gu plans to invest 150 million KRW from the Livelihood Economy Recovery Win-Win Fund in this project, which is being implemented for the first time this year, to provide preferential interest rates to about 3,000 small business owners.

The subscription target is small business owners with business locations in Buk-gu, with only one account allowed per person. Subscribers will be recruited for two months from July 3 to August 31.

A Buk-gu official said, "We hope this savings product will provide practical help to small business owners struggling due to the economic downturn," and added, "We will continue to prepare support measures to stabilize the lives of small business owners, who are grassroots economic agents in the local community."

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