"Reducing Corporate Relocation Burdens"... Namyangju City Signs 'Wangsuk New Town Jump-Up Symbiotic Finance' Agreement

Financial Solutions for Corporate Resettlement in Wangsuk New Town
Wangsuk New Town "Jump-up" Symbiotic Finance Agreement Signed
Financial Solutions Proposed for Corporate Resettlement in Wangsuk New Town

Namyangju City in Gyeonggi Province has announced an unprecedented financial support plan to facilitate the stable resettlement of businesses that must relocate due to the development of Wangsuk New Town.

Namyangju City signed a business agreement for the "Wangsuk New Town Corporate Relocation Jump-up Win-Win Finance" with six major financial institutions at the city hall on the 27th. Provided by Namyangju City

On April 27, Namyangju City announced that it had signed a financial business agreement on the "Wangsuk New Town Corporate Resettlement Jump-up Symbiotic Finance" with six major financial institutions at City Hall. This agreement was designed to address the most significant challenge faced by businesses subject to new town development—the gap between the land compensation amount and the sales price of the relocation complexes.

The purpose of this memorandum is to alleviate the financial burden on companies caused by the difference between land compensation and relocation site prices, to provide practical financial support using funds for small and medium-sized business development, and to help companies settle quickly and establish a foundation for growth.

The signing ceremony was attended by Mayor Jo Gwangdeok of Namyangju City, as well as representatives from six financial institutions: NongHyup Bank, Industrial Bank of Korea, Hana Bank, Shinhan Bank, Woori Bank, and KB Kookmin Bank. Under this agreement, the participating financial institutions will provide a total of 80 billion won in collaborative loans, with a maximum of 3 billion won in facility funds available to each company.

Notably, the city has established an on-site, company-oriented financial support model that is distinguished from conventional approaches by setting a cap on the maximum interest rate to ensure transparency in interest rate determination and by excluding unnecessary ancillary transaction requirements.

Namyangju City held a commemorative photo session on the 27th at City Hall after signing a business agreement on 'Wangsuk New Town Corporate Reestablishment Jump-up Win-Win Finance' with six major financial institutions. Provided by Namyangju City

The city will also reduce companies' financial costs by subsidizing a portion of loan interest through an interest support scheme, with companies eligible to receive up to 126 million won in interest support. As a result, even companies with lower credit ratings are expected to benefit from significantly reduced financial costs compared to standard loans, thanks to the maximum interest rate set by each financial institution.

Through this agreement, the city aims to stabilize the business ecosystem within the Wangsuk District. This is expected to enhance the region's industrial competitiveness and establish a foundation for sustainable growth.

Mayor Jo Gwangdeok stated, "This agreement is intended to provide practical support for the resettlement of relocated businesses facing financial burdens," adding, "We will continue to work toward establishing an effective support system to ensure businesses can settle and grow with stability."

Namyangju City signed a business agreement for the "Wangsuk New Town Corporate Re-settlement Jump-up Win-Win Finance" with six major financial institutions at the city hall on the 27th. Provided by Namyangju City

Meanwhile, the city plans to publicly announce details of the Wangsuk District Corporate Relocation Complex Jump-Up Symbiotic Finance support program in May.

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