Hana Bank Partners with KODIT to Support SME Competitiveness Recovery
On the 9th, at the Hana Bank headquarters in Euljiro, Jung-gu, Seoul, Park Seung-o, Head of the Credit Group at Hana Bank (right), and Choi Chang-seok, Director of the Korea Credit Guarantee Fund, are posing for a commemorative photo during the signing ceremony of the SME Value-Up Program business agreement. Photo by Hana Bank
View original image[Asia Economy Reporter Minyoung Kim] Hana Bank and the Korea Credit Guarantee Fund are stepping up to support small and medium-sized enterprises (SMEs) struggling with management difficulties.
Hana Bank announced on the 10th that it has signed a joint support business agreement with the Korea Credit Guarantee Fund for the SME Value-Up Program.
This program provides services such as new guarantees, debt restructuring, and management consulting to SMEs experiencing temporary management difficulties due to challenging external environments, aiming to prevent insolvency in advance and help restore competitiveness.
The target companies for support are manufacturing businesses with total credit between 1 billion and 10 billion KRW, employment-creating companies, innovative companies, and new growth engine companies. The combined bond amount supported by Hana Bank and the Korea Credit Guarantee Fund must exceed 50% of the total bond amount of the respective company.
Under this agreement, Hana Bank will support ▲new fund provision ▲loan interest rate reduction ▲extension of loan maturity and installment repayment, while the Korea Credit Guarantee Fund will provide ▲new guarantee support ▲full maturity extension of existing guarantees and preferential guarantee fees ▲management diagnosis consulting.
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Seung-oh Park, Head of the Credit Group at Hana Bank, stated, “Through this business agreement with the Korea Credit Guarantee Fund, we hope that SMEs struggling in the era of the novel coronavirus infection (COVID-19) will have an opportunity to recover their competitiveness and make a new leap forward.”
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