NongHyup Bank Signs Business Agreement with Shinbo to Support Small and Medium Enterprises

by Kwon Hyeonji

Published 28 Apr.2023 08:42(KST)

160 Billion Won Invested to Provide 640 Billion Won Agreement Guarantee Supply

NH Nonghyup Bank has decided to invest 16 billion KRW by signing an agreement with the Korea Credit Guarantee Fund to support financing for small and medium-sized enterprises (SMEs).

On the 28th, Nonghyup Bank announced that it had signed a "Financial Support Agreement for Core Strategic Industry Companies and Management Innovation-type SMEs" with the Korea Credit Guarantee Fund.

This agreement aims to help SMEs respond to crises and resolve management difficulties caused by high inflation, high interest rates, and high exchange rates, as well as to support economic recovery and scale-up. The support targets include ▲companies engaged in new growth engine industries ▲job-creating companies ▲export SMEs ▲companies with ESG management capabilities ▲management innovation-type SMEs ▲and companies facing death valley crises. These companies can benefit from increased guarantee ratios (100%) and guarantee fee support (0.5%p, up to 2 years).

To this end, Nonghyup Bank plans to supply a total of 640 billion KRW in agreement guarantees, funded by a special contribution of 12 billion KRW and 4 billion KRW in guarantee fee support.

Lee Seok-yong, President of Nonghyup Bank, said, "We will expand financial support for SMEs to provide practical help in overcoming the complex economic crisis and continue to be a partner that supports the growth of SMEs."

NongHyup Bank Signs Business Agreement with Shinbo to Support Small and Medium Enterprises