ULSAN — The Ulsan Metropolitan Government, BNK Kyongnam Bank and the Ulsan Credit Guarantee Foundation signed an agreement to provide 50 billion won ($36 million) in financing for small business owners struggling with a credit crunch amid the economic downturn.
Kyongnam Bank will offer low-interest loans of up to 20 million won each, without collateral or guarantees, to small business owners with annual income of 40 million won or less. The program totals 12.5 billion won and allows repayment in installments over five years. The bank will also contribute 2.5 billion won in special funding to the Ulsan city government, which the credit guarantee foundation will use to supply 37.5 billion won in special guarantees.
Applications can be filed at Kyongnam Bank branches in Ulsan. "I hope this agreement becomes an opportunity for small business owners facing hardship to get back on their feet," Ulsan Mayor Kim Sang-wook said.
