600 Billion KRW to Be Provided to SMEs... BNK Busan Bank and Korea Credit Guarantee Fund Sign Coexistence Financial Support Agreement
BNK Busan Bank (President Bang Seongbin) is joining forces with Korea Credit Guarantee Fund to support local small and medium-sized enterprises (SMEs).
On June 20, Busan Bank announced that it had signed a "Business Agreement for Regional Coexistence Financial Support to Revitalize the Real Economy and Strengthen SME Competitiveness" on June 19, in celebration of the opening of the Korea Credit Guarantee Fund's Haeundae branch. This agreement was arranged to commemorate the opening of the 100th branch of the Korea Credit Guarantee Fund.
Through this agreement, the two institutions plan to provide a total of 60 billion KRW in credit-guaranteed loans to SMEs, including new growth engine companies and job-creating enterprises. Of this amount, Busan Bank will make a special contribution of 3 billion KRW, based on which the Korea Credit Guarantee Fund will issue guarantee certificates. In addition, Busan Bank will separately operate a 500 million KRW guarantee fee support fund to further reduce the financial burden on SMEs.
The loans will be operated in two categories: special contribution guarantees and guarantee fee support guarantees. For special contribution guarantees, a full credit guarantee certificate will be issued for the first three years, along with a 0.2 percentage point reduction in the guarantee fee rate. For guarantee fee support guarantees, a 0.5 percentage point reduction will be applied for three years.
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In his congratulatory remarks, President Bang Seongbin stated, "This is financial support that will provide practical help to SMEs experiencing difficulties in raising funds," and emphasized, "We will continue to provide support to help revitalize the regional economy and strengthen the competitiveness of SMEs."
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