Hana Bank Implements 355.7 Billion KRW Livelihood Finance Program for 300,000 People

219.4 Billion KRW Interest Cashback and 136.3 Billion KRW In-House Program

Hana Bank announced on the 11th that it will implement a livelihood financial support plan worth 355.7 billion KRW for small business owners and self-employed individuals facing difficulties due to prolonged high interest rates, high inflation, and economic recession following the COVID-19 endemic.

This plan targets approximately 300,000 small business owners and self-employed individuals and consists of a common banking sector program, Interest Cashback, as well as autonomous programs independently prepared by the bank, including support for energy living expenses, communication fees, and management consulting.

Photo by Jinhyung Kang aymsdream@

The Interest Cashback program is valued at 219.4 billion KRW. As of the 20th of last year, it supports customers holding personal business loans (excluding real estate rental businesses) by providing up to 3 million KRW cashback, covering up to 90% of the interest payment exceeding a 4% interest rate on loans up to 200 million KRW for one year (including interest payments scheduled for 2024 for customers with loan terms less than one year). Compared to the ‘Small Business Financial Support Program’ announced in November last year, the scale and target of support have been significantly expanded, and the cashback amount will be directly deposited within the first quarter without a separate application process.

The autonomous program plan, worth approximately 136.3 billion KRW and independently prepared by the bank, will also be established within the first quarter and implemented step-by-step throughout the year. The bank will prioritize support of about 30 billion KRW in energy living expenses to financially vulnerable self-employed individuals identified separately, to prepare for the winter cold wave.

Additionally, support measures such as communication fee and management consulting cost support, as well as expanded contributions to loan guarantee institutions, will be finalized and implemented within the first quarter. To integrate the management of win-win finance tasks currently being promoted by business sector, Hana Bank established the ‘Win-Win Finance Center’ in its organizational restructuring.

A Hana Bank official stated, “Through this ‘Livelihood Financial Support Plan,’ we will actively participate in the livelihood stabilization tasks jointly promoted by the banking sector through the Korea Federation of Banks, as well as discover and implement Hana Bank’s own autonomous win-win finance programs to ensure livelihood stabilization without blind spots. We will practice warm finance that grows together and shares happiness through substantial support that customers can genuinely feel.”