"Thermal Power Plant Closure"... 2.4 Billion Won Financial Support for Taean Small Business Owners

Chungnam Shinbo, Korea Western Power, Hana Bank, and Taean County Sign Four-Party Agreement
Full Guarantee and Reduced Guarantee Fees Offered

The Chungnam Credit Guarantee Foundation (hereinafter Chungnam Shinbo) announced on July 23 that it had signed a four-party business agreement on July 22 at Taean County Office with Korea Western Power, Hana Bank, and Taean County to promote the "Development Fund Support Project for Opening Tomorrow."

This agreement was established to minimize the economic shock to the local community, such as job losses and reduced consumption, expected due to the sequential closure of Taean Thermal Power Plant Units 1 to 6 starting this year, and to support small business owners in Taean suffering from sluggish domestic demand.

Under the agreement, a total guarantee fund of 200 million won has been created, with Korea Western Power and Hana Bank each contributing 100 million won. Chungnam Shinbo will use this fund to provide credit guarantees totaling 2.4 billion won.

The support targets are small business owners and small and medium-sized enterprises in Taean County, and Chungnam Shinbo will provide a 100% full guarantee for loans from Hana Bank.

In addition, preferential benefits such as guarantee fee reductions will further lower the actual financial burden.

In particular, the contribution from Korea Western Power is drawing attention as an exemplary financial cooperation model in terms of fulfilling corporate social responsibility, as it represents a joint effort to overcome the crisis faced by the local community during this period of structural transition caused by the closure of the power plant.

Chairman Cho Sohaeng stated, "This agreement is not just about financial support, but a practical measure to support the survival of small business owners during this period of economic transition in the region," adding, "We will continue to respond swiftly to changes and do our best to turn crises into opportunities."