Gyeongnam Bank Launches 1.6 Trillion KRW Support Program for Small Business Owners
Self-Initiated Financial Support and Joint Participation by Banking Sector
BNK Gyeongnam Bank announced on the 18th that it will promote support measures for local small business owners and self-employed individuals. The support scale is approximately 1.6 trillion KRW.
It will provide financial support totaling 1.6 trillion KRW, including about 1.3 trillion KRW for 'self-initiated financial support' and about 300 billion KRW for 'customized financial support for small business owners' involving the entire banking sector. Gyeongnam Bank explained that this amount is 500 billion KRW more than last year and is expected to benefit approximately 68,000 people.
Gyeongnam Bank has established promotion strategies tailored to each borrower’s situation, such as supplying region-customized policy funds, small business owners’ Hope Sharing Win-Win Finance, policy-based financial support for low-income citizens, and consulting support. In the supply of region-customized policy funds, the special contribution fund will be expanded to support guarantee limits up to 357.5 billion KRW for small business owners in the Gyeongnam and Ulsan regions.
In the small business owners’ Hope Sharing Win-Win Finance sector, in addition to supplying new funds, support for reducing overdue interest will also be provided. Debt adjustment before delinquency, debt adjustment for closed businesses, win-win guarantees and loans, and consulting services involving the entire banking sector will also be promoted.
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Ye Kyung-tak, president of Gyeongnam Bank, said, “The win-win financial support plan for small business owners and self-employed individuals is a practical and effective strategy that resonates with local small business owners and contributes to the recovery of the regional economy. It is designed to be implemented continuously rather than as a one-time measure, and we will do our best to ensure that funds are executed effectively and promptly.”
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