Gwangmyeong City Expands Designated Bank Accounts for Local Subsidies to Three Institutions

[Suwon Ilbo=Reporter Yu Je-sung] Gwangmyeong City has expanded the designated bank accounts for local subsidy operations to three institutions to enhance efficiency and convenience for local subsidy business operators.

The city signed a 'Business Agreement for Dedicated Accounts in the Local Subsidy Integrated Management System' with Jeil Saemaul Geumgo (Chairman Oh Byung-hwan) and Gwangmyeong Credit Union (Chairman Bae Jin-yeol) in the city hall conference room on the 9th.

With this agreement, the designated subsidy account, which previously could only be opened at NH Nonghyup Bank, the city's designated treasury bank, can now be opened at Saemaul Geumgo and Gwangmyeong Credit Union within the city.

Local subsidy projects are initiatives in which local governments provide financial resources to private entities and others executing government-recommended projects to achieve administrative objectives. Representative examples include support for creative activities of local artists, provision of welfare services for vulnerable populations, revitalization of community cooperatives, and support for small businesses.

Local subsidy business operators must open a designated subsidy account to receive and execute subsidy funds.

With the expansion of financial institutions capable of opening accounts through this agreement, the range of choices for subsidy business operators will widen and accessibility will improve, leading to significantly enhanced overall convenience.

Additionally, by utilizing financial institutions within the city, it is expected to promote fund circulation within the region and contribute to revitalization of the local economy based on regional asset formation.

Acting Mayor Choi Hye-min (Deputy Mayor) stated, "The significance of this account expansion lies in enhancing convenience for local subsidy business operators while establishing a foundation for healthy circulation of regional funds through cooperation with regional financial institutions," and added, "We will continue to make efforts toward financial management in coexistence with the region and the expansion of regional asset formation."