NH Nonghyup Bank Signs MOU with Shinbo to Jointly Support SME Value-Up Program
On the 10th, at the NongHyup Bank headquarters in Jung-gu, Seoul, Jang Mi-kyung, Vice President of the Credit Review Division at NongHyup Bank (right), and Choi Chang-seok, Executive Director in charge of the Strategic Business Division at the Credit Guarantee Fund, held a commemorative photo session during the signing ceremony of the "Joint Support Agreement for the SME Value-Up Program."
View original image[Asia Economy Reporter Park Sun-mi] NH Nonghyup Bank announced on the 11th that it signed a joint support business agreement for the SME Value-Up Program with the Korea Credit Guarantee Fund at the Nonghyup Bank headquarters in Jung-gu, Seoul.
The SME Value-Up Program is a system that supports SMEs experiencing temporary difficulties by providing new guarantees, debt restructuring, consulting, and other assistance to help them regain competitiveness.
The target companies are manufacturers, innovative SMEs, job-creating companies, and new growth engine industry companies with total credit between 1 billion KRW and 10 billion KRW, whose combined credit amount supported by Nonghyup Bank and the Korea Credit Guarantee Fund exceeds 50% of the total loan.
Under this agreement, Nonghyup Bank will support ▲new fund provision ▲loan interest rate reduction (up to 2 percentage points) ▲extension of loan maturity and installment payments, while the Korea Credit Guarantee Fund will support ▲new guarantee provision (guarantee fee rate 1%) ▲full extension of existing guarantees and preferential guarantee fees ▲management diagnosis consulting, etc.
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Jang Mi-kyung, Deputy Head of the Credit Review Division, said, “Last year, Nonghyup Bank was selected as the best bank by supporting 5,230 cases (296.2 billion KRW) of debt restructuring through the Individual Business Loan 119 system for small business owners,” and added, “We will continue to expand various systems to provide broader support to SMEs and small business owners facing difficulties.”
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