"Save Small Business Owners" ... NongHyup Bank Specially Contributes 6 Billion KRW to Gyeongbuk Credit Guarantee Foundation

Gyeongbuk Province stated that as the prolonged economic downturn caused by high interest rates and high inflation continues to severely impact small and medium-sized enterprises (SMEs) and small business owners, various measures are being sought to alleviate their financial burdens, and support for win-win cooperation with local financial institutions is proving to be a great help.

On the 14th, Lee Cheol-woo, Governor of Gyeongbuk Province, received a certificate of special contribution of 6 billion KRW to the Gyeongbuk Credit Guarantee Foundation from Choi Jin-su, Head of NH Nonghyup Bank Gyeongbuk Headquarters, at the provincial government reception room, and expressed his gratitude for the significant support provided to small business owners in Gyeongbuk.

Gyeongbuk Provincial Government Office.

This year as well, Nonghyup Bank made a special contribution of 6 billion KRW, the same amount as last year, in support of Gyeongbuk Province’s measures to overcome high interest rates. Additionally, under an agreement with the Korea Credit Guarantee Foundation, an extra voluntary contribution of 2.2 billion KRW is planned, bringing the total contribution to 8.2 billion KRW.

The special contribution fund will be used as a guarantee resource to provide policy funds amounting to 90 billion KRW (15 times the contribution amount) targeting small business owners in the province. When combined with the Gyeongbuk Supportive Finance Interest Subsidy Project, it supports an annual interest rate of 2% for two years.

The loan limit is up to 100 million KRW, with repayment terms of either a 2-year grace period followed by 3 years of repayment or a 2-year grace period with lump-sum repayment. Applications can be made by selecting a branch at the business location through the ‘Gyeongbuk Credit Guarantee Foundation AI Call Center,’ where detailed information is provided.

Choi Jin-su, Head of NH Nonghyup Bank Gyeongbuk Headquarters, said, “We will continue to fulfill our social responsibility as a regional bank to support financially vulnerable groups such as small self-employed business owners and small business owners and to stabilize the local economy.”

Governor Lee Cheol-woo of Gyeongbuk said, “A true friend is one who reaches out and holds your hand in difficult times,” and added, “I deeply appreciate Nonghyup Bank’s win-win efforts to willingly support without turning a blind eye to the difficulties faced by local small business owners.”

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