NongHyup Bank Provides 600 Billion KRW Emergency Support to Self-Employed and SMEs Affected by COVID-19

[Asia Economy Reporter Kwon Haeyoung] NH Nonghyup Bank announced on the 27th that it will provide emergency financial support worth 600 billion KRW to small and medium-sized enterprises (SMEs) and small business owners affected by the novel coronavirus disease (COVID-19).

It decided to prioritize providing 50 billion KRW in funds to small-scale tourism operators severely affected by COVID-19. For affected SMEs and small business owners, it will also provide financial support worth 200 billion KRW using the 'Small Business Policy Fund for Business Stabilization' and the 'Special Guarantee for COVID-19 Affected Companies.' Additionally, through a special contribution to the Regional Credit Guarantee Foundation, it will support guarantee-backed loans worth 350 billion KRW for SMEs and small-scale business owners.

Besides emergency financial support, NH Nonghyup Bank will provide general fund loans up to 500 million KRW per company to COVID-19 affected businesses. These funds offer preferential loan interest rates within 1% (up to 1.7% for farmers) and allow interest payment deferral for up to 12 months.

Oh Kyung-geun, Vice President of the Corporate Investment Finance Division at NH Nonghyup Bank, said, "We will prioritize providing funds to SMEs and small business owners affected by the spread of COVID-19 to offer practical assistance."

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