NH Nonghyup Bank Receives Excellence Award in Inclusive Finance from FSC

Awarded in Two Categories: Support for Microfinance and Support for Small and Medium Enterprises

[Asia Economy Reporter Park Sun-mi]NH Nonghyup Bank announced on the 28th that it was selected as an excellent institution in two categories, Support for Low-income People and Support for Small and Medium Enterprises, out of three categories (Support for Low-income People, Support for Small and Medium Enterprises, Management Consulting Support for Self-employed) awarded annually by the Financial Supervisory Service in the inclusive finance sector.

In particular, the Support for Small and Medium Enterprises category achieved the remarkable feat of winning for two consecutive years since 2019. NH Nonghyup Bank actively expanded and revitalized the supply of inclusive finance products such as Saehope Hope Loan and mid-interest rate loans, and strengthened support for low-income people by establishing a sustainable inclusive finance support system through the launch of the bank's own inclusive finance brand.

Moreover, amid the economic recession caused by COVID-19 in 2020, the bank provided new loans amounting to 22.9 trillion KRW to small and medium enterprises and small business owners, showing the highest growth rate among commercial banks.

In relational finance, which supports credit based on soft information obtained through on-site visits and contacts for small and medium enterprises lacking objective data such as financial statements or collateral, support doubled compared to the previous year, making it the most supported among banks. The Personal Business Owner Loan 119, which supports individual business owners facing difficulties in debt repayment due to temporary liquidity shortages, also exceeded 6,000 cases in 2020 alone, practicing inclusive finance for marginalized groups.

Bank President Son Byung-hwan said, “Nonghyup Bank will continue to provide financial support to be a reliable pillar for small and medium enterprises and small business owners struggling due to COVID-19.”

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