NH Nonghyup Bank Gyeongnam Headquarters Supports SMEs with Liquidity Shortage Funds for Lunar New Year Holiday

by Song Jonggu

Published 09 Jan.2025 10:45(KST)

The NH Nonghyup Bank Gyeongnam Headquarters is providing special funds for the Lunar New Year holiday to address the liquidity shortage issues of small and medium-sized enterprises (including individual business owners) in the province, in celebration of the nation's biggest traditional holiday, Seol.

NH Nonghyup Bank Gyeongnam Headquarters, Support for Small and Medium Enterprises with Lunar New Year Holiday Funds.

This Lunar New Year fund has been prepared to help small and medium-sized enterprises smoothly secure funds amid the surge in demand for capital before and after the holiday, and consultations and applications are available at NH Nonghyup Bank branches nationwide until February 13.

During this period, funds will be supported by each regional headquarters within the overall NH Nonghyup Bank limit of 13 trillion KRW (5 trillion KRW for new loans, 8 trillion KRW for maturity extensions) targeting working capital loans and facility loans. To reduce the financial burden on small and medium-sized enterprises, a special preferential interest rate of 0.1% for the holiday funds will be applied, with interest rate discounts of up to 2.0% depending on the loan product.

Jo Cheong-rae, head of the Gyeongnam Headquarters, stated, “We will do our best to ensure that this Lunar New Year fund is provided in a timely manner,” and added, “NH Nonghyup Bank Gyeongnam Headquarters will continue to spare no effort in providing various financial supports for the mutual growth of small and medium-sized enterprises in the province.”

Meanwhile, this support is expected to contribute to revitalizing the local economy by alleviating the financial difficulties and reducing financial costs of local small and medium-sized enterprises struggling due to the economic downturn.