POSCO Energy Partners with NH Nonghyup Bank to Support Financing for Partner Companies

[Asia Economy Reporter Hwang Yoon-joo] POSCO Energy is joining forces with NH Nonghyup Bank to help partner companies that are facing many difficulties due to the prolonged COVID-19 pandemic.

On the 23rd, POSCO Energy held a signing ceremony for the "Mutual Growth Financial Support Agreement for POSCO Energy Partner Companies" at the POSCO Center in Seoul, attended by Lee Jeon-hyeok, Head of Planning and Support Division at POSCO Energy, and Oh Kyung-geun, Vice President of Corporate Investment Finance Division at NH Nonghyup Bank, pledging mutual cooperation.

Through this agreement, NH Nonghyup Bank will provide POSCO Energy partner companies with ▲ NH Together Growth Loan ▲ preferential interest rates and services for loans and foreign exchange transactions ▲ free corporate management consulting ▲ guarantee fee support through guarantee-backed exclusive loan products.

Starting in April, POSCO Energy and NH Nonghyup Bank will enable partner companies to receive accounts receivable secured loans based on POSCO Energy’s credit as part of mutual growth financial support. Once this program is implemented, POSCO Energy partner companies will be able to reduce their financial burden by applying lower interest rates compared to before.

Additionally, to support the insufficient management infrastructure of small and medium partner companies, POSCO Energy and NH Nonghyup Bank will jointly provide corporate management consulting. From May, upon request, specialized personnel from both companies will offer customized consulting covering overall management areas such as finance, taxation, organization, and human resources to partner companies.

Lee Jeon-hyeok, Head of Planning and Support Division at POSCO Energy, stated, "I hope this agreement will serve as an excellent foundation for the mutual growth of not only the two companies but also POSCO Group, NH Nonghyup Group, and the partner companies that are business partners of both, fulfilling the role of a ‘corporate citizen growing together.’"

Meanwhile, POSCO Energy is actively working to alleviate the financial burden and support cash liquidity of partner companies by establishing a system that pays 30% of advance payments upon request to partner companies that are small in scale and have few employees.

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