Jeonnam Province Shares Challenges with Small Business Owners

Special Contribution of 8.5 Billion KRW with Jeonnam Credit Guarantee Foundation and Financial Institutions
Benefits for Small Business Owners with Mid- to Low-Credit Facing Funding Challenges

Jeollanamdo Governor Kim Youngrok is signing a special financial contribution agreement with seven financial companies (Nonghyup, Kakao Bank, Gwangju, Kookmin, Hana, Woori, Shinhan) on the afternoon of the 19th at the Seojaepil Room of the provincial office to help small business owners in the province overcome management crises. Provided by Jeonnam Province

Jeollanam-do signed a joint special contribution business agreement on the 19th at the provincial government office with Jeonnam Credit Guarantee Foundation and seven financial institutions, including NH Nonghyup Bank, Kakao Bank, Gwangju Bank, KB Kookmin Bank, Hana Bank, Woori Bank, and Shinhan Bank, to help small business owners overcome management crises.

The signing ceremony was attended by Kim Yungrok, Governor of Jeollanam-do; Lee Ganggeun, Chairman of Jeonnam Credit Guarantee Foundation; Ryu Jongpil, Head of NH Nonghyup Bank Jeonnam Headquarters; Hwang Wooyeol, Head of Kakao Bank Business Owner Camp; Kim Jonghun, Vice President of Gwangju Bank; Noh Hyeonju, Head of KB Kookmin Bank Honam Regional Business Group; Na Jeongeon, Branch Manager of Hana Bank Naman Branch; Lim Woncheol, Head of Woori Bank Mokpo Financial Center; Kim Jaeok, Branch Manager of Shinhan Bank Suncheon Financial Center; and Kim Iknam, Financial Cooperation Officer.

This agreement was promoted to ease the financial burden on small business owners struggling due to political and economic uncertainties and weakened consumer sentiment. Based on the joint contributions from the financial institutions, Jeonnam Credit Guarantee Foundation will provide agreement guarantees to rapidly and intensively support funding in the first half of the year. In particular, small business owners with mid- to low-credit ratings who have difficulty securing funds are expected to benefit.

The joint contributions from the seven financial institutions agreed upon today amount to 8.5 billion KRW: NH Nonghyup Bank 2.1 billion KRW, Kakao Bank 2.0 billion KRW, Gwangju Bank 1.5 billion KRW, KB Kookmin Bank 0.8 billion KRW, Hana Bank 0.7 billion KRW, Woori Bank 0.7 billion KRW, and Shinhan Bank 0.4 billion KRW.

Jeollanam-do will use the 8.5 billion KRW from this special contribution to provide a total of 127.5 billion KRW in loans to small enterprises and small business owners in Jeollanam-do facing management difficulties. In particular, by simplifying the guarantee screening process, the limit assessment will be omitted for loans up to 50 million KRW, and mid- to low-credit applicants will receive a preferential guarantee ratio of 100%. In addition, through the linkage of government and local government policy funds, small business owners can access funds at low interest rates of 1-4%.

Governor Kim said, "This will be like much-needed rain for small business owners going through difficult times," and added, "Jeollanam-do will continue to make greater efforts to stabilize the management of small business owners."

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