Busan City, KB Kookmin Bank, and Busan Shinbo to Provide 180 Billion KRW in Financial Support for Small Businesses and Future Growth Companies

From the 17th, 90 Billion Won to Foster Future Growth Companies, Total Financial Support of 180 Billion Won Promoted

Kookmin Bank's Largest Contribution Ever, Also the Largest Among Financial Institutions This Year

3:30 PM on the 17th at City Hall, Deputy Mayor for Economic Affairs, Kookmin Bank Vice President, Shinbo Chairman

Following the 90 billion KRW financial support initiative launched in March to help small business owners overcome management crises, Busan City, KB Kookmin Bank, and Busan Credit Guarantee Foundation will provide an additional 90 billion KRW in financial support for fostering future growth companies starting from the 17th, bringing the total financial support to 180 billion KRW.

Busan City Hall.

On the 17th at 3:30 PM, the city will sign a "Future Growth Company Funding Support Business Agreement" with KB Kookmin Bank and Busan Credit Guarantee Foundation in the city hall video conference room.

The signing ceremony will be attended by Deputy Mayor for Economic Affairs Kim Gwanghoe, KB Kookmin Bank Vice President Lee Hyuk, and Busan Credit Guarantee Foundation Chairman Seong Donghwa, who will personally sign the business agreement.

Through this agreement, the three organizations will provide a total of 90 billion KRW in financial support to foster future growth companies in Busan starting from the 17th.

The "Future Growth Company Fund" aims to secure the driving force for economic innovation in Busan by supporting loans to promising small and medium-sized enterprises (SMEs) in the city.

Eligible recipients are Busan SMEs with a personal credit score of at least 595 and a credit rating of B- or higher, with a maximum support limit of 800 million KRW per company.

Notably, this financial support is made possible as KB Kookmin Bank, after contributing 6 billion KRW in March to help small business owners overcome crises, has contributed an additional 6 billion KRW to Busan Credit Guarantee Foundation to support SME development.

The total amount contributed by KB Kookmin Bank this year is 12 billion KRW, which is the largest amount ever contributed by the bank to Busan Credit Guarantee Foundation and also the largest among financial institutions this year.

Thanks to this, Busan Credit Guarantee Foundation has secured the financial capacity to provide over 180 billion KRW in guarantee support for local small business owners and SMEs.

In response to KB Kookmin Bank's generous decision, the city and Busan Credit Guarantee Foundation will increase interest subsidies and guarantee limits, and lower guarantee fee rates to support future growth companies and small business owners.

For small business funds, the city will provide interest subsidies of up to 1.7%, and for SME funds, up to 2.5%.

Busan Credit Guarantee Foundation will apply a standard guarantee fee rate of 0.8%, lower than the previous 1.2%. KB Kookmin Bank will also offer a 60-80% guarantee fee cashback benefit.

For more details on financial support, inquiries can be made to Busan Credit Guarantee Foundation or by visiting a KB Kookmin Bank branch.

Kim Gwanghoe, Deputy Mayor for Economic Affairs, said, "I sincerely thank KB Kookmin Bank for their special interest in supporting local SMEs and small business owners and for practicing inclusive finance," adding, "I hope that the financial support projects promoted with KB Kookmin Bank this year will help alleviate management difficulties for local SMEs and small business owners and contribute to their growth."

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