Yongsan-gu, Shinhan Bank, and Seoul Credit Guarantee Foundation Support Small Businesses and Small Merchants

Additional 12 Billion KRW Guarantee Support to Alleviate Financial Difficulties of Small Businesses and Small Merchants... Agreement Signing by Representatives of 3 Organizations at Yongsan District Office on the 23rd

[Asia Economy Reporter Jong-il Park] Yongsan-gu (District Mayor Seong Chang-hyun), Shinhan Bank (Bank President Jin Ok-dong), and Seoul Credit Guarantee Foundation (Chairman Han Jong-kwan) signed a 'Special Credit Guarantee' business agreement at Yongsan-gu Office on the 23rd.

This is to support small businesses and small merchants with insufficient collateral.

The signing ceremony proceeded with signing the agreement and commemorative photo session, attended by Seong Chang-hyun, Mayor of Yongsan-gu, Park Hyun-joo, Head of Shinhan Bank Western Headquarters, and Han Jong-kwan, Chairman of Seoul Credit Guarantee Foundation.

The special guarantee refers to credit guarantees provided by the foundation after screening companies recommended by the district. The limit is 12 billion KRW. The district and Shinhan Bank each contribute 500 million KRW for this agreement.

Shinhan Bank plans to diversify repayment methods to include ▲1-year grace period with 2-4 years repayment ▲2-year grace period with 3 years repayment ▲2-year maturity lump-sum repayment, among others.

Seong Chang-hyun, Mayor of Yongsan-gu, said, "We will additionally support 12 billion KRW in special credit guarantees for small merchants struggling due to COVID-19," adding, "This will help overcome the damages faced by small merchants with limited resources."

Additionally, the district plans to assist local small and medium-sized enterprises through 7 billion KRW scale loans for SMEs and youth enterprises, operation of a customized bidding information system, and early execution of finances.

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