Kwangju Bank S.O.S Project boosts small business revenue in Jeonnam

Kwangju Bank and the Jeonnam Credit Guarantee Foundation have reported significant results from their ‘S.O.S (Save Our Small_business) Project,’ a program designed to support small business owners in the Jeonnam region facing economic hardship.

The project utilizes a two-track system: ‘Management Improvement Support’ for businesses showing signs of distress, and ‘Recovery Support Guarantees’ for those already in arrears but showing potential for rehabilitation. As of late July, the initiative has provided 1.55 billion won in guarantees across 69 cases.

Beyond capital, the program offers management consulting, debt adjustment guidance, and professional counseling. By linking with local government interest subsidies, the bank has managed to lower average interest rates to approximately 2%.

Follow-up assessments of businesses that received support at least two months ago show that 80% of monitored companies successfully increased their sales. Specifically, businesses under the management improvement track saw an average revenue increase of 18.9%, while those under the recovery support track saw an average increase of 17.3%.