Jeonbuk Bank and Kwangju Bank, subsidiaries of JB Financial Group, have unveiled a mutually beneficial financial support plan valued at 2.22 trillion won.
The plan aims to assist vulnerable groups, including small business owners, through a range of financial and non-financial support measures.
The win-win financial support plan encompasses comprehensive financial aid for the working class, support for small and medium-sized enterprises (SMEs), and non-financial assistance such as consultancy services for small business management stabilization. By implementing this plan, JB Financial Group seeks to enhance the self-sustainability of small business owners and contribute to the revitalization of local economies.
Gwangju Bank has allocated a total of 1.225 trillion won for win-win financing, consisting of 595 billion won for comprehensive financial support for the working class and 630 billion won for financial aid to small businesses and SMEs. Similarly, Jeonbuk Bank has outlined win-win financing plans worth 1 trillion won, with 650 billion won dedicated to comprehensive financial support for the working class and 350 billion won allocated for small businesses and SMEs.
Notably, JB Financial Group has significantly increased the scale of support for key financial products targeting the working class. Gwangju Bank, for instance, has expanded its funding from 24.4 billion won in the previous year to 300 billion won this year, marking a growth of over twelve times. Jeonbuk Bank, on the other hand, will introduce 500 billion won in new support.
Furthermore, Gwangju Bank will provide "special funding for small business owners and SMEs" amounting to 550 billion won, while Jeonbuk Bank will allocate 300 billion won, aiming to foster regional shared growth and stimulate local economies.
Simultaneously, the government plans to supplement the revitalization of local economies through non-financial support measures. Both banks will offer consultancy services to aid small business and SME management stabilization and support their growth. Jeonbuk Bank will additionally establish a counseling center for the vulnerable, providing debt management services, including assistance with high-interest loan repayment.
An official from JB Financial Group stated, "We remain committed to enhancing support measures for financially vulnerable groups while ensuring sound management practices."
