Shinhan Bank Provides 15.1 Trillion KRW in Financial Support to SMEs for Lunar New Year

Shinhan Bank announced on the 6th that it will provide financial support totaling KRW 15.1 trillion for small and medium-sized enterprises (SMEs) that need temporary funds or face difficulties in fund management during the Lunar New Year holiday.

Shinhan Bank will support funds amounting to KRW 15.1 trillion, including KRW 6.1 trillion in new loans and KRW 9 trillion in maturity extensions, until February 14. Specifically, this includes new loans up to KRW 1 billion per company within the required fund range, maturity extensions without conditions on partial principal repayment at loan maturity, and deferral of installment payments.

A Shinhan Bank official said, “We have implemented financial support to help SME customers manage their funds ahead of the Lunar New Year holiday,” adding, “We will do our best to support coexistence with SMEs and small business owners.”

Meanwhile, Shinhan Bank is practicing various win-win financial initiatives for SME customers. It operates a ‘Corporate Grievance Support Center’ that provides consulting on tax, accounting, foreign exchange, legal matters, marketing, and responses to changes in economic conditions. To alleviate difficulties faced by import companies due to rising exchange rates, the bank is also expediting support by relaxing maturity extension criteria for SMEs with letters of credit approaching maturity.

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