Korea Development Bank Expands Support Limits and Duration for COVID-19 Affected Companies

[Asia Economy Reporter Hyungsoo Park] On the 27th, Shinhan Bank announced that it has completely revamped the 'Cheer Up Korea Special Operating Fund' product to strengthen support for companies affected by the novel coronavirus infection (COVID-19).

Shinhan Bank increased the support limits for the product. The support limit for small and medium-sized enterprises was raised from 25 billion KRW to 50 billion KRW per company, and for mid-sized companies, it was increased from 50 billion KRW to 100 billion KRW.

The funding support period was extended from 'within 1 year' to 'within 3 years,' and the interest rate preferential margin was raised from a maximum of 0.6% to a maximum of 0.9%.

This measure was taken considering the growing need to strengthen financial support as the COVID-19 situation has continued for a long time.

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