Busan·Gyeongnam Bank Provides 1.6 Trillion KRW in Special Chuseok Funds to Small and Medium-Sized Merchants

Busan and Gyeongnam Banks under BNK Financial Group announced on the 4th that they will provide a total of 1.6 trillion KRW in '2023 Chuseok Special Loans' to local small and medium-sized enterprises (SMEs) and small business owners in celebration of Chuseok.

This special loan program is being promoted to alleviate the management difficulties of local SMEs struggling due to the economic downturn and to revitalize the regional economy. From today until October 31, a total of 1.6 trillion KRW will be provided over two months, with each bank offering 800 billion KRW (400 billion KRW in new loans and 400 billion KRW in loan extensions).

The support targets include local startup companies, SMEs with long-term transactions with the banks, companies creating local jobs, companies with excellent technological capabilities, SMEs engaged in strategic industries designated by local governments, and companies affected by COVID-19. The maximum support amount per company is up to 3 billion KRW.

In particular, both banks will additionally offer an interest rate reduction of up to 1.0% to reduce the financial burden on local SMEs. Detailed information about the special loans can be confirmed at all branches and customer centers of Busan Bank and Gyeongnam Bank.

A BNK Financial Group official stated, “Busan Bank and Gyeongnam Bank provide special loans every year ahead of Chuseok to help alleviate the management difficulties of local SMEs and support the revitalization of the regional economy,” adding, “We hope this special loan will be of practical help to local SMEs and small business owners.”

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