Gwangju Buk-gu Partners with Financial Institutions for 'Small Business Hope Dream Inclusive Finance Support'

Buk-gu, Gwangju Metropolitan City, is joining hands with local financial institutions to provide inclusive financial support to small business owners struggling with prolonged economic downturn, continuing its efforts from last year.

According to Buk-gu on the 11th, a ‘Small Business Hope Dream Inclusive Finance Support Agreement’ will be signed at 2 p.m. on the 12th in the Situation Room on the 2nd floor of Buk-gu Office, with the participation of 13 representatives from ▲Buk-gu Office ▲11 Saemaeul Geumgo branches in Buk-gu ▲Gwangju Cultural Credit Union, and other institutions.

The Hope Dream Inclusive Finance Support Agreement was achieved for the second consecutive year as local financial institutions actively responded to Buk-gu’s request for cooperation in launching a preferential savings product for small business owners, aiming to strengthen their self-reliance through stable asset formation.

The preferential financial product exclusively launched in Gwangju through this agreement is the ‘Buk-gu Small Business Hope Dream Savings,’ which offers a base interest rate of 3.5%, plus an additional preferential interest rate of 1.5% each from Buk-gu and the participating financial institutions, providing an annual interest rate of 6.5%.

This savings product, targeted at 1,000 small business owners with workplaces in Buk-gu, allows one account per person with a one-year maturity period. The subscription amount can be paid in fixed increments of 100,000 KRW from 100,000 KRW to 500,000 KRW per month, designed to suit the subscriber’s situation. Buk-gu expects this to contribute to forming up to 6.2 billion KRW in living funds for small business owners upon maturity.

The sales period runs from the 1st of next month to June 28th. Small business owners wishing to subscribe can visit any of the 11 Saemaeul Geumgo branches in Buk-gu or the Gwangju Cultural Credit Union branches to submit the application form and required documents. For more details, inquiries can be made to the Small Business Support Division of Buk-gu Office.

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