Changwon Special City and BNK Gyeongnam Bank Promote Hope Sharing and Win-Win Finance for Small Business Owners

Emergency Management Stabilization Fund of 10 Billion KRW for Small Business Owners
Up to 20 Million KRW Unsecured and Unguaranteed Credit Loans

Hong Nampyo, Mayor of Changwon Special City in Gyeongnam, signed a business agreement on the "Hope Sharing Win-Win Finance for Small Business Owners" with Ye Gyeongtak, President of Gyeongnam Bank, at the city hall reception room on the 22nd.

Promotion of Hope Sharing Win-Win Finance for Small Business Owners.

According to the agreement, Changwon Special City and BNK Gyeongnam Bank will support emergency management stabilization funds of 10 billion KRW in credit loans for small business owners.

Since 2018, the city has been providing financial support to small business owners with low income and low credit who have difficulty obtaining loans from banks due to lack of collateral or low credit ratings, by lowering the loan entry barriers through a win-win financial business agreement with Gyeongnam Bank, a local bank based in our region.

In particular, this year’s operating funds for the Hope Sharing Win-Win Finance for Small Business Owners have been doubled to 10 billion KRW compared to last year.

The support targets are individual business owners in the jurisdiction with an annual income of 40 million KRW or less, providing up to 20 million KRW without collateral or guarantor. The repayment method is installment repayment within 5 years, and there is no prepayment penalty.

However, those currently overdue, credit delinquents, or businesses with low bank credit rating grades are excluded.

Applications can be made by visiting BNK Gyeongnam Bank branches located in the Changwon area after prior inquiry starting from the 23rd.

Hong Nampyo, Mayor of Changwon Special City, said, “We thank Gyeongnam Bank for continuing its win-win efforts to support local small business owners financially. We will do our best to discover further support measures for small business owners.”

Meanwhile, the city provided 10 billion KRW in small business promotion funds in February this year. This fund allows loans of up to 50 million KRW at a low interest rate of 2.5% per annum for one year, and an additional 10 billion KRW is planned to be supported in the second half of the year.

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