Jeonbuk Bank under JB Financial Group said on the 23rd that it signed a memorandum of understanding (MOU) with North Jeolla Province and the Jeonbuk Credit Guarantee Foundation to support small business owners, including grants of 250 million won to a related foundation.
The MOU is intended to support small business owners facing difficulties, and Jeonbuk Bank decided to support loans totaling 8.3 billion won, including special grants of 250 million won to the Jeonbuk Credit Guarantee Foundation.
Consultations for the special guarantee loan to support low-credit, low-income self-employed people will begin accepting applications on the day. Those eligible are small business owners with business sites in North Jeolla, and the support limit is up to 20 million won per business. The loan period is up to eight years and is offered with equal principal installment repayment.
A Jeonbuk Bank official said, "We hope this special grant will help ease the management difficulties of local small business owners and aid the recovery of the regional economy," and added, "We will continue to do our best to resolve the financial challenges of local small business owners and revitalize the regional economy through practical financial support."
Jeonbuk Bank has already begun providing loan support totaling 136.6 billion won in the first half of this year through special grants of about 4.8 billion won.