NongHyup Bank Signs Supply Chain Finance Agreement with eSTEEL4U

"Expanding Productive Finance
Through Support for the Steel Industry"

NH NongHyup Bank announced on the 18th that it had signed a supply chain finance business agreement at its headquarters in Jung-gu, Seoul, with eSTEEL4U, an online steel product trading platform, to provide financial support for small and medium-sized enterprises (SMEs) in the steel industry.

eSTEEL4U is the largest online steel product purchasing and sales platform in Korea under the POSCO group. It supports brokerage and payment services for steel products, including those produced by POSCO, and has around 5,000 member companies on its platform.

With this agreement, NongHyup Bank plans to offer the "IronBridge Finance" (IBF) loan service to SMEs trading on eSTEEL4U, providing financial support for steel purchases.

On the 18th, Eom Eulyong, Vice President of Corporate Finance Division at NongHyup Bank, and Kim Seongsik, CEO of Estill4U, signed a supply chain finance business agreement at the NongHyup Bank headquarters located in Jung-gu, Seoul. NH NongHyup Bank

This loan service allows purchasing companies to receive up to 70% of the contracted steel purchase amount for up to 90 days at a preferential interest rate through eSTEEL4U. By utilizing NongHyup Bank's API, the process is optimized for one-stop loan applications and automated settlement, thereby enhancing convenience and cash management benefits for both purchasing and selling SMEs.

A NongHyup Bank representative stated, "The financial sector's role in supporting SMEs, the backbone of the national economy, is more important than ever," and added, "NongHyup Bank will continue to strengthen productive finance based on embedded finance to actively support the growth of SMEs."

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