Shinhan Bank's 'Small Business Mutual Growth Support' Selected as Outstanding Case by Financial Supervisory Service

Yellow Umbrella Small Business Mutual Growth Support Package
Selected as an Outstanding Case at the Financial Supervisory Service Mutual Growth Cooperation Financial Product Contest
"Recognized for Significant Contribution to Practical Financial Support"

Shinhan Bank announced on July 30 that its "Yellow Umbrella Small Business Mutual Growth Support Package" was selected as an outstanding case at the 6th Mutual Growth·Cooperation Financial Product Best Practice Contest held at the Financial Supervisory Service in Yeouido, Seoul.

The "Yellow Umbrella Small Business Mutual Growth Support Package," which was selected as an outstanding case this time, includes practical financial support measures for small business owners. It consists of the Yellow Umbrella Mutual Growth Support Fund program and the Yellow Umbrella Mutual Aid Agreement Guaranteed Loan, among others.

The Yellow Umbrella is a mutual aid system for small businesses and self-employed individuals, designed to provide business owners with severance pay (a lump-sum fund) so that they can secure stability in their lives and have opportunities to restart their businesses in the event of business closure or old age.

On the 30th, at the Financial Supervisory Service in Yeouido, Seoul, Lee Bongjae, Head of Customer Solutions Group at Shinhan Bank (right), and Kim Miyoung, Director of the Financial Consumer Protection Department at the Financial Supervisory Service, are taking a commemorative photo at the '6th Win-Win Cooperation Financial New Product Excellence Awards' ceremony. Shinhan Bank
Photo by Shinhan Bank

The "Yellow Umbrella Mutual Growth Support Fund Program" provides a support fund of 100,000 won to 25,000 customers who have joined the Yellow Umbrella Mutual Aid and have made contributions for more than six months. The "Yellow Umbrella Financial Support Agreement Guaranteed Loan" is a product in which Shinhan Bank and the Korea Credit Guarantee Foundation jointly raise a fund of 1 billion won to support up to 50 million won in business operating funds for small business owners who lack collateral or have low credit ratings. In particular, customers enrolled in the Yellow Umbrella program can receive preferential benefits in guarantee limits and guarantee fee rates. Shinhan Bank is providing a total of 12.5 billion won in operating funds.

A Shinhan Bank representative said, "We are pleased that this package, which can provide practical support for the stability and recovery of small business owners, has been highly evaluated," and added, "We will continue to expand financial support for small business owners and create sustainable mutual growth financial solutions."