Shinhan Bank Signs Financial Support Agreement for Small Businesses with Gyeonggi Credit Guarantee Foundation

Special Contribution of 6 Billion KRW to Gyeonggi Credit Guarantee Foundation to Support Loans Worth 90 Billion KRW

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 4th that it has signed a business agreement with Gyeonggi Credit Guarantee Foundation to support small business owners located in Gyeonggi-do who are struggling due to COVID-19.

Through this business agreement, Shinhan Bank will make a special contribution of 6 billion KRW to the Gyeonggi Credit Guarantee Foundation, and Gyeonggi-do will provide special operating funds using the Small and Medium Business Development Fund. The Gyeonggi Credit Guarantee Foundation will create a new loan limit of approximately 90 billion KRW using Shinhan Bank's special contribution as the funding source.

The guarantee fee for the special operating fund loan is 1.0% per annum, which is 0.2% cheaper than before, the loan maturity is up to 5 years, and the loan interest rate is at the low 1.0% range. It is expected that about 3,500 small and medium-sized enterprises and small business owners will benefit from the 90 billion KRW financial support.

From today, consultations regarding special operating fund loans and guarantee issuance, as well as loan applications, are available through Shinhan Bank branches and the Gyeonggi Credit Guarantee Foundation.

A Shinhan Bank official said, "This special contribution was planned to support small and medium-sized enterprises and small business owners in Gyeonggi-do who are struggling due to COVID-19," adding, "We will continue to provide financial support for revitalizing the local economy of Gyeonggi-do and stabilizing the management of small business owners."