Korea Federation of SMEs and Shinhan Bank Launch 'Noranusan Mutual Support Fund Program'

100,000 KRW Win-Win Support Fund Provided
for 25,000 Small Businesses and Small Merchants

The Korea Federation of Small and Medium Business (Kbiz) announced on the 9th that it will carry out the 'Yellow Umbrella Shinhan Bank Win-Win Support Fund Project' in collaboration with Shinhan Bank.

This project was established to help small businesses and small merchants, who are struggling due to ongoing uncertainties and domestic demand stagnation, achieve economic stability. The main point is to provide a win-win support fund of 100,000 KRW (net payment amount) to 25,000 small businesses and small merchants who have joined the Yellow Umbrella through Shinhan Bank this year and have paid contributions for more than six months.

Kbiz and Shinhan Bank signed a 'Business Agreement to Expand Financial Support for Small and Medium Enterprises and Small Merchants' last November. This support project is being promoted as part of that agreement.

In addition, Shinhan Bank is implementing ▲ preferential interest rates (0.5%p) on loans and deposits for Yellow Umbrella subscribers ▲ birth congratulatory money to overcome low birth rates ▲ joint safety manager labor cost support projects in response to the Serious Accident Punishment Act, among others.

Kim Ki-moon, chairman of Kbiz, said, "This support project carries the meaning of encouraging small businesses and small merchants to overcome economic difficulties within the social safety net called 'Yellow Umbrella.' Especially, we thank Shinhan Bank for being the first financial institution to initiate win-win support for small merchants through the Yellow Umbrella, and our federation will also strive harder to improve the Yellow Umbrella system to support small merchants."