Suhyup Bank Provides 100 Billion KRW Financial Support to Companies Affected by COVID-19

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[Asia Economy Reporter Kim Min-young] Sh Suhyup Bank has launched financial support for companies and fishermen expected to be affected by the novel coronavirus infection (Wuhan pneumonia).

On the 11th, Suhyup Bank announced that it has formed a ‘Novel Coronavirus Damage Support Team’ and has begun full-scale operations to provide financial support to these groups.

The support team is led by the head of the bank’s corporate finance department and includes the Fisheries and Marine Finance Department, Global Foreign Exchange Business Department, Credit Policy Department, and Screening Department. The team will establish a collaborative system between headquarters and branches to develop and implement financial support measures for affected companies.

Affected companies and fishermen can apply for support by submitting an initial consultation through the branches. The support team plans to operate with a maximum limit of 100 billion KRW, offering tailored assistance such as ▲extension of maturity for corporate and fisheries marine loans (without repayment) ▲deferment of principal and interest payments on corporate and fisheries marine loans ▲new working capital support (up to 500 million KRW per company) ▲preferential interest rates on corporate and fisheries marine loans (up to 1.0 percentage point, 1.5 percentage points for fishermen).

A Suhyup Bank official stated, “We will actively support corporate customers, including those in the fisheries and fishing sectors, to minimize damage related to the novel coronavirus,” adding, “The support team will operate indefinitely until the damage is completely resolved.”