Gwangju Bank Provides 600 Billion KRW Special Funds for SMEs During Lunar New Year Holiday
New 300 Billion KRW, Maturity Extension 300 Billion KRW Allocated
"Up to 3 Billion KRW per Company Limit"
New Funds Up to 1.5%p Annual Interest Rate Discount
Gwangju Bank announced on the 8th that it will provide a total of 600 billion KRW in 'Lunar New Year Special Funds for Small and Medium Enterprises (SMEs)' to local SMEs and small business owners from the 7th to the 28th of next month.
According to Gwangju Bank, this special fund was organized to help the local economy amid the prolonged economic downturn. The support reflects company requests such as labor costs or unpaid wages, raw material purchase funds, and emergency payment funds.
The support scale consists of 300 billion KRW in new funds and 300 billion KRW in maturity extensions. The maximum support limit per company is up to 3 billion KRW. For new funds only, a preferential interest rate of up to 1.5 percentage points per annum below the calculated interest rate is applied.
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Woosung Lee, Head of the Credit Strategy Department at Gwangju Bank, said, "We hope that this Lunar New Year special fund loan support will provide practical help in resolving the financial difficulties of local SMEs and small business owners," adding, "We will continue to provide prompt financial support so that it can be usefully utilized whenever local residents need it."
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