Shinhan Bank Strengthens COVID-19 Damage Support... 500 Billion KRW New Supply

[Asia Economy Reporter Kwon Haeyoung] Shinhan Bank announced on the 25th that it has established a Customer Support Team to prevent the spread of COVID-19 and overcome damages, following the escalation of the COVID-19 crisis alert to the severe stage, and will implement comprehensive support measures.

First, Shinhan Bank will expand financial support for individuals, small business owners, and small and medium-sized enterprises (SMEs) experiencing temporary difficulties in fund management due to COVID-19. The new funding support limit for small business owners and SMEs directly or indirectly affected by COVID-19 will be increased from the existing 100 billion KRW to 500 billion KRW. In addition, overdue interest reductions will be applied to small business owners and SMEs affected by business closures, their employees, individuals diagnosed with COVID-19, and their immediate family members living together. The bank also plans to actively implement installment repayment deferrals for policy fund loans in consultation with the relevant institutions. Preferential interest rates, installment repayment deferrals, and deadline extensions will be maintained as before.

To this end, Shinhan Bank has secured new funding support capacity by completing a special contribution to the Regional Credit Guarantee Foundation for the Daegu and Gyeongbuk areas. Special contributions to other regional Credit Guarantee Foundations and Credit and Technology Guarantee Foundations will also be completed as soon as possible in consultation with the respective institutions.

Participating in the government's 'Good Rent Movement,' Shinhan Bank will reduce rent for small business owners and SMEs located in buildings owned by Shinhan Bank nationwide. Rent will be reduced by 30% of the monthly rent, up to a limit of 1 million KRW per month, for three months to support small business owners suffering from the regional economic downturn.

Furthermore, Shinhan Bank will expedite payments for construction and various procurement funds to its partner companies and promote the use of local gift certificates when spending expenses at branches nationwide to revitalize the local economy. Following the existing support of 200,000 masks by Shinhan Financial Group, additional donations of masks and hand sanitizers have been prepared as measures to prevent the spread of COVID-19.

A Shinhan Bank official said, "As the damage caused by COVID-19 spreads nationwide, we have prepared comprehensive customer support measures to fulfill our role as a responsible corporate citizen," adding, "We will continue to mobilize all of the bank's capabilities to participate in nationwide efforts to prevent the spread of COVID-19 and overcome damages."

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