Gyeonggi Shinbo Partners with NH Nonghyup Bank for 225 Billion Won 'Agreement Guarantee'

The Gyeonggi Credit Guarantee Foundation has joined hands with NH Nonghyup Bank Gyeonggi Headquarters to strengthen financial support for small and medium-sized enterprises (SMEs) and small business owners in the province who are facing difficulties amid the economic downturn and domestic and international uncertainties.

On the 18th, Gyeonggi Credit Guarantee Foundation announced that it signed a "Future Growth Financial Support Agreement for Stabilizing Livelihoods and Overcoming Crises in Gyeonggi Province through a Special Contribution from NH Nonghyup Bank" at the 12th-floor conference room of the Gwanggyo headquarters in Suwon. The signing ceremony was attended by about 20 officials from both organizations, including Chairman Si Seok-jung and Kim Seong-rok, Head of NH Nonghyup Bank Gyeonggi Headquarters.

Si Seok-jung, Chairman of Gyeonggi Credit Guarantee Foundation (right), is taking a commemorative photo after signing an agreement with Kim Seong-rok, Head of NH Nonghyup Bank Gyeonggi Headquarters. Photo by Gyeonggi Credit Guarantee Foundation

According to the agreement, NH Nonghyup Bank will contribute a special fund of 15 billion KRW to the Gyeonggi Credit Guarantee Foundation, which will then provide a total of 225 billion KRW in special contribution guarantee agreements, equivalent to 15 times the special contribution fund.

The guarantee agreement supports SMEs and small business owners with headquarters or business sites in the province, providing up to 800 million KRW per company (100 million KRW for small business owners).

The guarantee period is up to five years, and loans can be made at NH Nonghyup Bank branches within the province. Additionally, to facilitate smooth loan execution and reduce financial burdens for applicants, the guarantee ratio has been increased from the existing 85% to 100% (90% for amounts exceeding 50 million KRW), and the guarantee fee rate has been reduced by 0.2 percentage points from the final calculated rate.

Chairman Si Seok-jung of the Gyeonggi Credit Guarantee Foundation emphasized, "This business agreement with NH Nonghyup Bank is expected to lead to practical financial support for SMEs and small business owners in the province who are struggling due to increased domestic and international uncertainties," adding, "The Gyeonggi Credit Guarantee Foundation will spare no effort in providing financial support so that SMEs and small business owners in the province can 'dream and plan for a better tomorrow than today.'"

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