Kbank said on the 19th that it launched the "Livelihood-suitable industry guaranteed loan" to support the business stability of small business owners engaged in livelihood-suitable industries. This was prepared in cooperation with the Korea Federation of Credit Guarantee Foudations (KOREG) to ease the financial burden on small business owners working in livelihood industries and support stable business operations.
Livelihood-suitable industries are sectors protected under the "Special Act on the Designation of Livelihood-suitable Industries for Small Business Owners," with representative examples including: ▲ tofu, soy sauce, and naengmyeon manufacturing ▲ book and newspaper retail ▲ LPG fuel retail. The "Livelihood-suitable industry guaranteed loan" is available to sole proprietors engaged in livelihood-suitable industries with a credit score (NICE standard) of 710 or higher.
The loan rate is 4.80% per year (as of the 19th), with a limit of up to 50 million won. The loan term is five years (one-year grace period, four years of equal principal amortization), early repayment is available at any time, and all prepayment fees are waived. To coincide with the launch, Kbank signed a "financial support agreement for livelihood-suitable industries" with the Korea Federation of Credit Guarantee Foudations (KOREG) and NH Nonghyup Bank.
Accordingly, Kbank and NH Nonghyup Bank will each make a special contribution of 1.2 billion won to the Korea Federation of Credit Guarantee Foudations (KOREG), and the Korea Federation of Credit Guarantee Foudations (KOREG) will supply guaranteed loans totaling 30 billion won to help ease the financial burden on small business owners in livelihood-suitable industries.
A Kbank official said, "We launched this product to ease the funding burden on small business owners working in livelihood-suitable industries and help stabilize their management," adding, "We will continue to strengthen inclusive finance so that small business owners across various sectors can grow."