NH Nonghyup Launches 214.8 Billion KRW Livelihood Financial Support Initiative

For Individual Business Owners
Loan Limit of 200 Million KRW
90% Cashback on Interest Payments Exceeding 4% for 1 Year

NH Nonghyup Bank announced on the 28th that it has prepared a livelihood finance support plan worth 214.8 billion KRW to assist small business owners and self-employed individuals struggling due to economic downturn and prolonged high interest rates. This is part of the "Banking Sector Livelihood Finance Support Plan" announced on the 21st.

The support targets borrowers holding individual business loans (excluding real estate rental businesses) with NH Nonghyup Bank as of the 20th. For loan amounts up to 200 million KRW, the bank will provide a cashback of up to 90% of the interest payment exceeding 4% interest rate for one year. The bank will independently select eligible recipients and individual support amounts, so recipients do not need to apply directly to the bank or take out additional loans.

However, special caution is emphasized regarding voice phishing and electronic communication financial fraud related to the interest cashback support.

The company expects that about 320,000 borrowers will benefit from this support. By mid-January next year, more detailed plans regarding eligible recipients, support amounts per borrower, and support methods will be established, with cashback scheduled to begin within the first quarter.

Lee Seok-yong, President of NH Nonghyup Bank, stated, "We hope this livelihood finance support will be a small hope for small business owners and self-employed individuals going through difficult times due to the economic recession." He added, "NH Nonghyup Bank will continue to fulfill its role as a warm financial institution sharing warmth and a reliable partner for individual business owners who have supported our economy."