JB Financial to Provide 1.1 Trillion KRW in Special Funds for Chuseok
JB Financial Group announced on the 21st that it will provide special funding support for small and medium-sized enterprises (SMEs) and small business owners in celebration of the Chuseok holiday.
Jeonbuk Bank will provide 500 billion KRW in special Chuseok operating funds (250 billion KRW each for new loans and maturity extensions) to SMEs and individual business owners until October 17th. The support targets commercial bill discounts and operating fund loans with a maturity of one year or less, including new operating funds and maturity extensions for SME loans due.
This support is aimed at SMEs expected to face temporary difficulties in financing due to economic downturn, liquidity shortages, and sales declines, such as payment of insufficient funds and employee holiday bonuses. Jeonbuk Bank expects this to help alleviate financial difficulties and reduce financial costs for local SMEs suffering from the dual hardships of economic recession and sluggish domestic demand.
Gwangju Bank has allocated 300 billion KRW in new funds through the ‘Special SME Fund Loan’ to support SMEs throughout this month ahead of the Chuseok holiday. The maximum support limit per company for the special Chuseok fund loan is up to 5 billion KRW, with interest rates preferentially reduced by up to 0.7 percentage points compared to the calculated rate. Additionally, 300 billion KRW has been allocated for maturity extension funds, allowing loan maturity extensions in September unless in special cases.
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This special fund is part of a win-win management approach considering regional economic issues such as rising interest rates and economic recession, and has been organized to support local residents facing difficulties in funding demand ahead of Chuseok. It plans to support labor costs or unpaid wages, raw material purchase funds, and emergency payment funds for local SMEs and small business owners.
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