Jeonbuk Bank Launches Support for Livelihood Finance... 19 Billion Won Scale

'Interest Refund Program' Benefits Over 25,000 People

Jeonbuk Bank (President Baek Jong-il) will provide a total of 19 billion KRW in livelihood financial support to self-employed individuals, small business owners, and vulnerable groups.

According to Jeonbuk Bank on the 31st, the bank will reduce the interest burden for about 25,000 self-employed and small business customers who have accounts with the bank. This livelihood financial support is an interest refund program and part of a win-win finance initiative jointly implemented by banks in December.

Jeonbuk Bank building. [Photo by Jeonbuk Bank]

The support targets customers who held individual business loans with Jeonbuk Bank as of December 20 last year. Support is provided up to 3 million KRW per customer on the portion of interest exceeding 4% for loans up to 200 million KRW. Borrowers with real estate rental business loans are excluded.

The loan interest cashback will be deposited into the customer's Jeonbuk Bank automatic transfer account under their name by the 8th of next month without a separate application process. Notifications will be sent via LMS text messages on the 5th to 6th of next month, and for more details, customers can contact the nearest Jeonbuk Bank branch or customer center.

A Jeonbuk Bank official said, "We hope that self-employed and small business customers, who have faced great difficulties due to last year's interest rate hikes and economic downturn, will have a warm Lunar New Year and an opportunity to overcome their management crisis."

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