Shinhan Bank Signs Agreement with Gyeonggi Credit Guarantee Foundation to Support Small Businesses with 97.5 Billion KRW Loan Assistance
About 4,000 Small Business and Small Enterprise Benefits in Gyeonggi-do
[Asia Economy Reporter Yoo Je-hoon] Shinhan Bank announced on the 23rd that it has signed a business agreement with Gyeonggi Credit Guarantee Foundation to support small business financing in Gyeonggi Province.
According to this agreement, Shinhan Bank will make a special contribution of 6.5 billion KRW to Gyeonggi Credit Guarantee Foundation, Gyeonggi Province will provide special operating funds for small and medium enterprise development funds, and Gyeonggi Credit Guarantee Foundation will issue guarantees worth 97.5 billion KRW using the special contribution funds as capital.
The guarantee fee for the special operating fund loan is 1.0% per annum, which is 0.2% cheaper than before, the loan term is up to 5 years, and the interest rate is at the lowest level in the high 1.0% range per annum. Through the 97.5 billion KRW financial support, approximately 4,000 small enterprises and small business owners are expected to benefit.
Through this agreement, small business owners located in Gyeonggi Province who are struggling due to COVID-19 can apply for special operating fund loans and guarantee-related consultations as well as loan support starting today through Shinhan Bank branches and Gyeonggi Credit Guarantee Foundation.
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A Shinhan Bank official stated, "Considering the current situation where many small and medium enterprises and small business owners are still struggling due to the rapid increase in COVID-19 cases caused by the spread of the Omicron variant, we planned this contribution," and added, "We will continue to promote business agreements to revitalize the local economy and stabilize the management of small business owners."
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