Emergency Financial Support Implemented for Stabilizing Management of SMEs and Small Business Owners
Lee Hosung, President of Hana Bank: "We Will Mobilize All Our Capabilities to Stabilize Management of SMEs and Small Business Owners"
Hana Bank announced on June 23 that it will provide a total of 11.3 trillion won in emergency financial support for small and medium-sized enterprises (SMEs) and small business owners who are expected to face management difficulties due to the Middle East crisis.
On June 22, Lee Hosung, President of Hana Bank, convened an emergency inspection meeting on a weekend afternoon to review all aspects of the financial market in response to the escalating Middle East conflict. The meeting examined potential scenarios arising from fluctuations in exchange rates, oil prices, and interest rates, and discussed measures to strengthen monitoring and enable swift responses to market changes.
Additionally, on the morning of June 23, an emergency executive meeting was held. The bank decided to actively implement emergency liquidity support measures to stabilize the management of export-import companies and small business owners, as well as domestic companies operating in the Middle East, who are expected to face difficulties due to rapid changes in the financial and foreign exchange markets.
Through these efforts, Hana Bank will supply a total of 11.3 trillion won in funds for the emergency liquidity support of SMEs and small business owners. First, the bank will newly launch a "Special Program for Rapid Liquidity Support" totaling 2 trillion won for SMEs. For existing special loan products, such as the "Main Transaction Preferential Long-term Loan," the bank plans to increase the lending limit by an additional 8 trillion won to ensure swift fund supply.
Separate financial support will also be provided for small business owners. The bank will increase the lending limit for special loans, such as the "Happiness Plus SOHO Loan," which offers a preferential interest rate of up to 2%, by 1.3 trillion won. This measure aims to ensure sufficient loan supply for small business owners experiencing difficulties due to sluggish domestic demand and reduced consumption.
In addition, Hana Bank plans to continue supporting SME and mid-sized export companies through a business agreement signed in January with the Korea Trade Insurance Corporation for a "Second Export Package Preferential Finance" totaling 700 billion won. This includes 100% support for export guarantees and insurance premiums, as well as preferential treatment for foreign exchange fees and exchange rates.
Lee Hosung, President of Hana Bank, stated, "In this situation where uncertainty in the financial and foreign exchange markets has increased due to the Middle East crisis, Hana Bank will mobilize all our capabilities to ensure that Korean SMEs and small business owners can conduct their economic activities stably."
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