NH Nonghyup Bank Begins Identifying Companies Needing Business Restructuring System

[Asia Economy Reporter Eunju Lee] NH Nonghyup Bank announced on the 15th that it will participate as a partnership institution in the business restructuring system agreement among the Ministry of Trade, Industry and Energy, the Financial Supervisory Service, and the Korea Federation of Banks, and will start discovering companies in need.

The 'business restructuring system' is a system designed to prevent insolvency by promoting proactive structural improvement and innovation activities of normal companies, thereby minimizing the enormous social costs caused by insolvency. Nonghyup Bank discovers related companies through the Ministry of Trade, Industry and Energy's 'Guidelines for Recommending Companies in Need of Business Restructuring' and recommends them to the ministry.

Nonghyup Bank will accept applications from companies nationwide that wish to participate in the business restructuring system for the first quarter of 2023 through its branches until December 31. Approved companies under the business restructuring system can receive incentives during the approval period (up to 5 years), including ▲R&D funding for core technologies ▲financial support through policy fund loans and preferential interest rates ▲business restructuring consulting ▲corporate tax benefits.

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