Support Fund of 2 Trillion Won for Small Business Owners Affected by COVID-19
Ministry of SMEs and Startups - NH Nonghyup Bank Business Agreement Ceremony
[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Park Young-sun, hereinafter referred to as the Ministry) announced on the 7th that it has signed a business agreement with NH Nonghyup Bank (President Son Byung-hwan) to strengthen cooperation in supporting local small business owners who are experiencing difficulties due to the novel coronavirus infection (COVID-19).
Through this agreement, NH Nonghyup Bank will supply 2 trillion KRW by the end of the year to support local small business owners' funding, including small business owner interest subsidy loans, small business owner policy funds, special loans from the Regional Credit Guarantee Foundation, and special financial support for small-scale tourism operators. In addition, to enhance the financial convenience of local small business owners, non-face-to-face services such as mobile banking will be implemented, and mobile branches will be installed and operated in areas where financial branches are temporarily closed due to confirmed COVID-19 cases.
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Furthermore, to quickly overcome management difficulties, customized consulting services such as finance, taxation, and commercial area analysis will be provided, and funding support services will also be offered for local small business owners engaged in agricultural and food products with excellent technology. At the signing ceremony, Minister Park Young-sun said, "Unlike other banks, Nonghyup Bank is widely spread even in eup and myeon areas, so through this agreement, small business owners in rural areas who had relatively difficult access to financial institutions are expected to receive support more quickly and conveniently," adding, "The Ministry will continue to expand cooperation with other financial institutions to support the recovery of small business owners affected by COVID-19."
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