Chungnam Credit Guarantee Foundation, South Chungcheong Province, and NH Nonghyup Bank to Provide 87 Billion Won in Guarantees

NH Nonghyup contributes 5.8 billion won...27.7 billion won in total since the launch of the 8th popularly elected administration
Supporting liquidity for SMEs and small business owners amid high interest rates and sluggish domestic demand

As high interest rates and high inflation persist and sluggish domestic demand deepens funding difficulties, a 87 billion won policy guarantee program will be supplied for small and medium-sized enterprises (SMEs) and small business owners in the South Chungcheong Province region. The local government, financial institutions, and guarantee institutions have jointly created funds to provide on-site liquidity support.

On the 11th, the Chungnam Credit Guarantee Foundation signed a "Special Contribution Financial Support Agreement for SMEs and Small Business Owners" with South Chungcheong Province and NH Nonghyup Bank at the South Chungcheong Provincial Government building.

Under this agreement, NH Nonghyup Bank will make a special contribution of 5.8 billion won, and the Chungnam Credit Guarantee Foundation will use this as a funding source to provide a total of 87 billion won in credit guarantees. South Chungcheong Province will be responsible for policy and institutional support.

Including this contribution, NH Nonghyup Bank has made a total of 27.7 billion won in special contributions since the launch of the 8th popularly elected provincial administration.

It also plans to expand the regional financial supply base and simplify guarantee procedures so that policy funds can be executed quickly.

From this year, the Chungnam Credit Guarantee Foundation has been strengthening on-site, close-contact support by establishing a digital guarantee support system and operating a mobile financial counseling bus.

Guarantees under this agreement can be applied for through the foundation's guarantee support platform "Bojeung Dream" app or at the branch office with jurisdiction over the business location.

Chairman Cho Sohang said, "We will speed up guarantee support so that policy funds can be supplied in a timely manner to those who need them."

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