NongHyup Bank to Provide 2.6 Trillion Won in SME Financial Support with Credit Guarantee Fund and Korea Technology Finance Corporation

NH NongHyup Bank announced on May 14 that it will provide approximately 2.6 trillion won in financial support this year, using special contributions from the Credit Guarantee Fund and the Korea Technology Finance Corporation as funding sources, to assist small and medium-sized enterprises (SMEs) facing difficulties.

On May 13, at the bank's headquarters in Jung-gu, Seoul, Taeyoung Kang, President of NongHyup Bank, and Wonmok Choi, Chairman of the Credit Guarantee Fund, signed a business agreement for "Financial Support to Recover the Real Economy and Strengthen Industrial Competitiveness."

On the 13th, at the NongHyup Bank headquarters, Taeyoung Kang, President of NongHyup Bank (right), and Wonmok Choi, Chairman of the Credit Guarantee Fund, signed a business agreement for "Financial Support to Recover the Real Economy and Strengthen Industrial Competitiveness." Provided by NH NongHyup Bank

The support targets include companies in new growth engine industries, promising startups, export-oriented companies, job-creating enterprises, and venture businesses. NongHyup Bank will contribute 14 billion won to provide financial support totaling 600 billion won, offering preferential interest rates of up to 1.8 percentage points. The Credit Guarantee Fund will apply a 100% guarantee ratio for three years to eligible companies, reduce guarantee fees by 0.2 percentage points, and support a 0.5 percentage point reduction in guarantee fees for two years.

This year, NongHyup Bank will provide 1.8 trillion won in financial support in partnership with the Credit Guarantee Fund, and 800 billion won through the "Financial Support for Overcoming Crises in Key Industries and Strengthening Export Technology Competitiveness" agreement signed with the Korea Technology Finance Corporation in April, bringing the total financial support with both institutions to 2.6 trillion won.

President Kang stated, "We have signed this agreement to support SME exports and discover new growth companies," adding, "We will continue to pursue mutual growth with our customers by identifying promising companies and providing practical financial support."

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