Shinhan Bank Provides Financial Support to SMEs Affected by Wuhan Pneumonia Spread

[Asia Economy Reporter Kwon Haeyoung] Shinhan Bank announced on the 31st that it will provide financial support to small and medium-sized enterprises (SMEs) affected by the spread of the 'novel coronavirus.'

Due to the spread of the novel coronavirus infectious disease, demand for overseas travel has significantly decreased, and the number of Chinese tourists entering the country has also declined, causing companies in the travel, accommodation, and restaurant industries to suffer revenue losses.

Shinhan Bank will provide new loans totaling 100 billion KRW, up to 500 million KRW per company, to SME customers in these industries who are experiencing temporary difficulties in fund management. Considering the scale of the damage, the total support limit will be increased if necessary. In addition, for existing loans of these companies, if the installment repayment due date arrives, the repayment schedule will be deferred, and interest rates will be reduced by up to 1% for new and extended credit.

A Shinhan Bank official said, "Just as we provided emergency financial support to affected companies during the 2015 MERS outbreak, we have decided to provide prompt financial support to SMEs facing difficulties due to the spread of the novel coronavirus. Through active financial support, we will help affected companies secure liquidity, reduce financial costs, and continue to practice warm finance."

Meanwhile, Shinhan Bank has already established a loan limit of 510 billion KRW this year through special contributions to regional credit guarantee foundations such as the Seoul Credit Guarantee Foundation. It is providing financial support to small business owners in various regions who are experiencing management difficulties, including those affected by the novel coronavirus.

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