Busan·Gyeongnam Bank Supports 1.6 Trillion KRW in Special Lunar New Year Funds for Local SMEs and Small Businesses

BNK Financial Group announced on the 8th that its subsidiaries, Busan Bank and Gyeongnam Bank, will provide a total of 1.6 trillion KRW in the ‘BNK 2024 Lunar New Year Special Loan’ to local small and medium-sized enterprises (SMEs) and small business owners in celebration of the Lunar New Year holiday.

Both banks will support a total of 1.6 trillion KRW over two months from today until March 8, with each bank providing 800 billion KRW (400 billion KRW in new loans and 400 billion KRW in loan extensions) to help alleviate the management difficulties of local SMEs struggling due to the prolonged economic downturn and to revitalize the regional economy.

The main support targets include long-term partner SMEs, local startups, SMEs with excellent technological capabilities, companies creating local jobs, SMEs engaged in local government strategic industries, and companies with a good repayment record. The maximum support amount per company is 3 billion KRW. In particular, to reduce the financial burden on supported companies, an additional interest rate reduction of up to 1.0 percentage point will be provided.

A BNK Financial Group official stated, “We hope this special loan will be a source of strength for local SMEs and small business owners facing management difficulties due to the ongoing economic downturn,” and added, “BNK will continue to do its best to support local SMEs and small business owners in hardship through various financial support programs.”

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