NongHyup Bank Joins Interest Subsidy Support for Content Companies

Agreement Signed by Ministry of Culture, Korea Creative Content Agency, Credit Guarantee Funds
Up to 2.5% Interest Subsidy on Loans for Content Companies

The Ministry of Culture, Sports and Tourism and the Korea Creative Content Agency announced on April 13 that they had signed a business agreement on April 10 with the Korea Credit Guarantee Fund, the Korea Technology Finance Corporation, and NongHyup Bank to promote interest subsidy support for cultural content companies.

The interest subsidy support program is a scheme in which the government supports up to 2.5% of loan interest for small and medium-sized content companies experiencing difficulties in securing production funding. When the Korea Credit Guarantee Fund or the Korea Technology Finance Corporation issues a dedicated guarantee certificate for content companies, NongHyup Bank provides loans to these companies at an interest rate 2.5% lower than the standard rate. The Ministry of Culture, Sports and Tourism provides policy funding, while the Korea Creative Content Agency forms a consultative body and manages the overall program.

With NongHyup Bank joining the existing partner banks—IBK Industrial Bank of Korea, Shinhan Bank, KB Kookmin Bank, Woori Bank, and Hana Bank—the program now encompasses all six major commercial banks in Korea, establishing a nationwide content finance network. As NongHyup Bank operates a nationwide branch network, financial accessibility for content companies outside the Seoul metropolitan area is expected to improve significantly.

Yu Hyunseok, Acting President of the Korea Creative Content Agency, stated, "We will continue to provide financial support to strengthen the global competitiveness of K-content."

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