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Kwangju Bank Partners with Credit Guarantee Foundation to Support Small Business Debt Refinancing
Finance · Major Banks · yonhap_finance · 2026-09-03
Kwangju Bank has signed an agreement with the Gwangju Credit Guarantee Foundation to help local small businesses consolidate debt and reduce financial burdens.
What Happened
Strategic Partnership: Kwangju Bank has entered into a memorandum of understanding with the Gwangju Credit Guarantee Foundation to provide financial relief to local small business owners. The initiative aims to mitigate the impact of high interest rates and economic uncertainty on local enterprises.
Debt Consolidation Program: The program allows small business owners to consolidate multiple existing guarantee-backed loans from various financial institutions into a single, more manageable loan. This simplification is designed to improve debt management and lower overall interest expenses for borrowers.
Loan Terms: The refinanced loans offer a maximum term of seven years, including a one-year grace period, with interest rates capped at the 91-day CD rate plus 1.30%. The program utilizes a full-guarantee model to ensure stability for businesses undergoing debt restructuring.
Commitment to Local Economy: Kwangju Bank CEO Jung Il-sun stated that the partnership reflects the bank's commitment to providing practical financial solutions for struggling business owners. The bank plans to continue developing support measures to foster the sustainable growth and recovery of the local business community.
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