NongHyup Bank Provides 130 Billion Won Agreement Guarantee Loans to Farmers and Agri-Food Companies

First Financial Institution to Make Special Contribution of 10 Billion KRW to Agricultural Credit Guarantee Fund

NH Nonghyup Bank announced on the 6th that it has signed a financial support business agreement with the Agricultural, Forestry and Fisheries Credit Guarantee Fund to provide financial support to farmers and agro-food companies and to strengthen competitiveness in the agricultural sector. The scale is 130 billion KRW, and support will be provided through a special contribution agreement guarantee loan method.

Nonghyup Bank, as the first financial company, made a special contribution of 10 billion KRW to the Agricultural Credit Guarantee Fund, which will use this as a resource to issue agricultural, forestry, and fisheries credit guarantees and support 130 billion KRW worth of agreement guarantee loans through Nonghyup Bank.

The support targets are farmers and livestock farmers, as well as small and medium-sized enterprises involved in the distribution, processing, and export of agricultural and livestock products. The loan limit is up to 1.5 billion KRW per individual and up to 2 billion KRW per corporation. The guarantee ratio will be preferentially applied at 90% for up to 3 years. Loan applications can be submitted through Nonghyup Bank branches.

Baek Nam-seong, Vice President of the Agricultural Finance Division at Nonghyup Bank, said, “We expect that this special contribution agreement guarantee will further expand financial support for farmers and agro-food companies,” and added, “Nonghyup Bank will continue to do its best for the mutual growth of farmers and agro-food companies.”