NongHyup Bank Launches 'Ultra-Low Interest Rate Credit Loan' for Small Business Owners Affected by COVID-19

[Asia Economy Reporter Kwon Haeyoung] NH Nonghyup Bank announced on the 31st that it will launch the 'NH Small Business Owner Interest Subsidy Agreement Loan,' a specialized product for small business owners who have suffered direct or indirect damage from the novel coronavirus infection (COVID-19), on the 1st of next month.

This is in accordance with the government's 'COVID-19 Response Livelihood and Financial Stability Package Program.' Any small business owner with annual sales of 500 million KRW or less and a credit rating of 1 to 3 can apply. The loan limit is 30 million KRW, the loan period is within one year, and it can be used at an ultra-low interest rate of 1.5% per annum, with no prepayment penalty.

This is an unsecured credit loan that does not require a guarantee certificate and can be executed within a maximum of five days after the loan application. A special preferential interest rate of 0.5 percentage points for COVID-19 small business owners is applied to all accounts, and it is characterized by being able to support more small business owners due to exceptions in the industry-specific credit limit management standards.

Lee Chang-gi, Head of Marketing Strategy at Nonghyup Bank, said, "We launched this product to support small business owners who have been affected by COVID-19 and to overcome the crisis situation together. Going forward, Nonghyup Bank will continue to take the lead in overcoming difficulties caused by COVID-19 as a representative social contribution bank."

Detailed information about the product and individual loan limits can be confirmed at Nonghyup Bank branches nationwide.

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