Shinhan Bank Partners with Jeonbuk Credit Guarantee Foundation to Support Local Economic Revitalization

Shinhan Bank announced on the 25th that it had signed a business agreement with the Jeonbuk Credit Guarantee Foundation to help ease the financial burden on small businesses in Jeollabuk-do and to support the revitalization of the local economy. This agreement was prepared to improve the business conditions of small enterprises based in Jeonbuk that are facing difficulties in raising funds due to the economic slowdown and rising costs, and to support the stable operation of local commercial districts.

Under the agreement, Shinhan Bank will make a special contribution of 400 million won to the Jeonbuk Credit Guarantee Foundation. Using this as a funding source, the foundation plans to provide agreement-based guarantees totaling 5 billion won. The support targets are small businesses located in Jeollabuk-do that meet the Jeonbuk Credit Guarantee Foundation’s criteria, including companies facing management difficulties, first-time clients, and growth and development companies. The maximum guarantee limit per company is 200 million won. A Shinhan Bank official said, "We expect this special contribution agreement to provide practical help in stabilizing management and laying the foundation for growth for small businesses in the Jeonbuk region," adding, "Going forward, we will continue to promote inclusive finance for small enterprises and small business owners through cooperation with regional credit guarantee foundations."

Meanwhile, Shinhan Bank is working to ease the financial burden on regional small and medium-sized enterprises and small business owners by expanding cooperation with major regional credit guarantee foundations nationwide, including those in Incheon, Gangwon, Gyeongnam, Ulsan, and Gyeongbuk. This year, it is making a total special contribution of 39.9 billion won to regional credit guarantee foundations and, based on this, is strengthening customized regional financial support by providing agreement-based guarantees totaling 592.2 billion won.