Ulsan Metropolitan City and BNK Kyongnam Bank Lead Financial Support for Local Small Businesses

[Financial News, Ulsan = Reporter Choi Su-sang] Ulsan Metropolitan City and BNK Kyongnam Bank have launched financial support measures for local small business owners struggling with the economic downturn and fire damage.
According to Ulsan Metropolitan City on the 31st, BNK Kyongnam Bank has decided to provide 12.5 billion won in low-interest loans to local small business owners. The program follows a mutual growth financial agreement signed with Ulsan Metropolitan City on the 27th. Eligible borrowers are small business owners with annual income of 40 million won or less, and each business can receive up to 20 million won in unsecured, unguaranteed loans.
The bank is also taking the lead in emergency financial support for merchants at the Bangeojin Live Fish Center in Dong-gu, which was damaged by a recent fire. The fire, which broke out on the 22nd, disrupted operations at 57 shops inside the center. To help merchants return to work as soon as possible, Kyongnam Bank has set up 2 billion won in special low-interest loans and has been accepting applications since the 25th. Affected merchants can borrow up to 30 million won per business at a low annual interest rate of 1.5%.
BNK Kyongnam Bank has also made a special contribution of 2.5 billion won to the Ulsan Credit Guarantee Foundation. The foundation plans to provide financing through guarantees worth 37.5 billion won, or 15 times the amount of the contribution.
Ulsan Metropolitan City and BNK Kyongnam Bank said they expect the financial support to serve as an example of win-win finance that helps the region overcome economic hardship.

[email protected] Choi Su-sang Reporter