NH Nonghyup Bank Signs Consignment Guarantee Agreement with Gyeonggi Credit Guarantee Foundation

The First One-Stop Consignment Guarantee System Establishment for Regional Credit Guarantee Foundations

On the 18th, at the NongHyup Bank Gyeonggi Business Headquarters meeting room in Paldal-gu, Suwon-si, Lee Min-woo, Chairman of the Gyeonggi Credit Guarantee Foundation (left), and Jeong Yong-wang, Head of NongHyup Bank Gyeonggi Business Headquarters (right), signed the "Consignment Guarantee Agreement for the Activation of Financial Support for Small Business Owners in Gyeonggi-do" and took a commemorative photo.

[Asia Economy Reporter Park Sun-mi]NH Nonghyup Bank announced on the 20th that it has signed a 'Consignment Guarantee Agreement for the Activation of Financial Support for Small Business Owners in Gyeonggi Province' with the Gyeonggi Credit Guarantee Foundation.

Accordingly, starting from the 21st, small business owners located in Gyeonggi Province (with a credit rating within grade 5) who seek loans of 50 million KRW or less can apply for guarantees at any of Nonghyup Bank's 215 branches without visiting the regional guarantee foundation.

Nonghyup Bank has enabled a one-stop process from application document submission, review (including on-site inspection), to loan disbursement, allowing for faster financial support.

The loan scale under this agreement is 10 billion KRW. It is funded partly by the contribution Nonghyup Bank made to the Gyeonggi Credit Guarantee Foundation in 2020. Depending on social and economic conditions such as the resurgence of COVID-19 and the policies for small business owners by Gyeonggi Province and the foundation, expansion of this program is also possible.

Jung Yong-wang, Head of Nonghyup Bank's Gyeonggi Business Headquarters, who attended the agreement ceremony, said, “Through the consignment guarantee agreement with the Gyeonggi Credit Guarantee Foundation, faster financial support is possible for small business owners in the province compared to other financial institutions. By quickly responding to Gyeonggi Province's small business policies, Nonghyup Bank will have an opportunity to contribute more to the local community.”

Meanwhile, NH Nonghyup Bank has provided financial support nationwide to over 158,000 small business owners amounting to 11.6238 trillion KRW as of September to overcome COVID-19 difficulties.