Shinhyeop Joins Good Landlord Movement... 450 Million Won Rent Reduction

102 Regional Credit Unions Support 393 Companies
Average 3 Months, 1.15 Million KRW Reduction Per Company

[Asia Economy Reporter Kim Min-young] Shinhan Credit Union has joined the 'Good Landlord Movement.'

The National Credit Union Federation of Korea announced on the 19th that 102 regional credit unions nationwide will reduce rental fees by 450 million KRW to support small business owners severely affected by the spread of COVID-19.

Looking at the support details from major regional credit unions, Gwangju Cultural Credit Union in Gwangju City is providing a total of 55 million KRW to 22 companies located in its own building, Jumin Credit Union in Seongnam City, Gyeonggi Province is supporting 36 million KRW to 24 companies, and Halla Credit Union in Jeju City is providing 41 million KRW to 7 companies. In the Daegu and Gyeongbuk regions, 14 credit unions including Dongchon Credit Union are reducing rental fees by 34 million KRW.

The average rent reduction period per company is three months, and as of the 12th, each company receives an average rental fee reduction benefit of 1.15 million KRW. A total of 393 companies benefit from this support.

Kim Yoon-sik, Chairman of the National Credit Union Federation of Korea, said, “Through the inclusive finance project, Shinhan Credit Union continues various support programs for the common people and marginalized groups,” adding, “We hope that the spirit of sharing by credit unions will lead a new culture of donation and bring new hope to small business owners struggling due to COVID-19.”