NH NongHyup Bank Signs Agreement with Credit Guarantee Fund to Accelerate Financial Support

On June 17, NH NongHyup Bank announced that it had signed a business agreement with the Credit Guarantee Fund to establish a "Rapid Financial Support Process" in order to accelerate corporate funding support.

In April of last year, the two organizations entered into an agreement to provide "customized financial support for small and medium-sized enterprises (SMEs) and mid-sized enterprises in the innovative growth sector, tailored to each stage of their growth," with a limit of 300 billion KRW. The support targets are companies operating in the innovative growth sector or prospective mid-sized and mid-sized companies that are export leaders.

Through this agreement, the two parties will centralize the guarantee review process to streamline procedures, and will establish a collaborative system for review personnel to strengthen mutual cooperation. This collaboration is expected to reduce workloads and improve the speed of guarantee support.

On the 16th, Eom Eulyong, Executive Vice President of Corporate Finance Division at NongHyup Bank (third from the right), and Chae Byungho, Director of the Credit Guarantee Fund (fourth from the right), signed the "Rapid Financial Support Process Agreement" at the NongHyup Bank headquarters. Provided by NH NongHyup Bank

This year, NH NongHyup Bank strengthened its support for mid-sized companies by establishing a Mid-Sized Corporate Finance Team within the Large Corporate Client Division as part of its organizational restructuring. The bank expects net new loans to mid-sized companies to increase by more than 1 trillion KRW this year. In addition, it plans to provide 2.6 trillion KRW in financial support this year through agreements with the Credit Guarantee Fund and the Korea Technology Finance Corporation.

Eom Eulyong, Executive Vice President of Corporate Finance Division at NH NongHyup Bank, stated, "The two institutions will strengthen their collaboration to provide even faster financial support," adding, "We will continue to discover outstanding companies and provide substantial financial support to achieve mutual growth with our clients."

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