Shinhan Bank announced on April 30 that it has newly launched the "Shinhan Individual Business Owner Sunshine Loan 119," a product that provides business funds to individual business owners who are faithfully participating in the bank's debt adjustment program.
This product is a guaranteed loan backed by the Korea Inclusive Finance Agency, and is available to individual business owners with annual sales of 300 million won or less who have been participating in the "Small Business Owner 119plus" program for at least three months, which includes measures such as maturity extension, interest rate reduction, and exemption from early repayment fees.
The initial loan limit is 10 million won. After six months from the date of the loan, if the borrower completes financial education provided by either Shinhan Bank or the Korea Inclusive Finance Agency, an additional loan of up to 10 million won can be applied for. The loan interest rate ranges from 6% to 7% per annum, and an additional preferential rate of 0.2 percentage points per annum is offered to those who complete Shinhan Bank's small business management consulting program.
This new loan product is a follow-up measure in line with the banking sector's financial support plan for small business owners.
A Shinhan Bank official stated, "We hope that this financial support will provide practical help for small business owners who are determined to make a comeback to overcome difficult times," and added, "We will continue to create sustainable value recognized by customers and society, and fulfill our social responsibility as a corporate citizen."
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