Shinhan Bank and Seoul Credit Guarantee Foundation Sign Business Agreement to Revitalize Local Markets... 15 Billion KRW Special Contribution

[Asia Economy Reporter Minyoung Kim] Shinhan Bank announced on the 29th that it has signed a business agreement with the Seoul Credit Guarantee Foundation to revitalize neighborhood commercial districts and support financial services for small business owners located in Seoul.

Through this business agreement, Shinhan Bank will make a special contribution of 15 billion KRW to the Seoul Credit Guarantee Foundation and support special working capital loans using Seoul City's small and medium enterprise development funds. The Seoul Credit Guarantee Foundation will issue guarantees worth 225 billion KRW based on the funds contributed by Shinhan Bank.

The guarantee fee for the special working capital loans is 1.0% per annum, which is 0.2 to 0.5 percentage points cheaper than before. The loan period is up to 5 years, and the loan interest rate is at the low end of the high 1% range annually. It is expected that approximately 8,000 small enterprises and small business owners will benefit from the 225 billion KRW guarantee.

From today, loan applications and consultations related to guarantee issuance can be requested through Shinhan Bank branches and Seoul Credit Guarantee Foundation.

A Shinhan Bank official said, “We hope that this financial support through the special contribution will help revitalize Seoul’s neighborhood commercial districts,” and added, “We will continue to promote business agreements to revitalize the local economy and stabilize the management of small business owners.”

This content was produced with the assistance of AI translation services.