Shinhan Bank Provides Rapid Financial Support to COVID-19 Affected Companies in Daegu and Gyeongbuk

Full Support for Daegu-Gyeongbuk Customers' Personal Loan Assistance and Disaster Area Aid, Non-Face-to-Face Maturity Extension Implemented

[Asia Economy Reporter Haeyoung Kwon] Shinhan Bank announced on the 4th that it will fully support corporate finance, including introducing a ‘Hi-Pass Review Process’ for small and medium-sized enterprises and individual business owners struggling due to the domestic economic downturn caused by the spread of the novel coronavirus infection (COVID-19).

Shinhan Bank will promptly complete consultations on loan extensions for customers in the Daegu and Gyeongbuk regions, where serious damage is occurring due to the rapid increase in COVID-19 cases, to alleviate concerns about loan deferments. To this end, the bank plans to proactively complete extension reviews for loans maturing within two months through its big data-based Credit Scoring System (CSS) and have branch managers at the head office directly consult with customers.

Additionally, to provide proactive financial support, about 3,200 companies eligible for new funding in Daegu and Gyeongbuk have been informed at local branches to enable quick responses to customers’ loan applications. In particular, for approximately 600 companies that can be supported without collateral, loans up to 200 billion KRW will be prioritized for support if necessary.

The loan review decision system at Shinhan Bank branches nationwide has also been significantly simplified. Regulations have been revised so that some loans previously judged by head office reviewers can now be decided by branch managers for faster support, and for loans that must be reviewed at the head office, a Hi-Pass review process will be introduced to complete the review within at least two business days.

Furthermore, to ensure rapid loan extensions for companies affected by COVID-19 and minimize infection risks, customers can submit extension-related documents through non-face-to-face channels (internet and mobile) without visiting branches, and in unavoidable cases, extension applications can be made via phone calls.

A Shinhan Bank official said, “We are continuously implementing measures that can provide practical help to customers to overcome the damage caused by COVID-19,” adding, “We will continue support that customers can feel, moving away from conventional loan support practices.”

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