Shinhan Bank and Korea Trade Insurance to Expand Specialized Guarantee Support for Export Small Businesses

Shinhan Bank announced on March 3 that it had signed a business agreement with Korea Trade Insurance Corporation on February 24 at the bank's headquarters in Jung-gu, Seoul, to expand specialized direct guarantee support for export-oriented small business owners.

Seungmok Lee (right), Head of Customer Solutions Group at Shinhan Bank, conducted a business agreement with the Korea Trade Insurance Corporation to support small export businesses on the 24th of last month at Shinhan Bank's headquarters located in Jung-gu, Seoul. He is pictured here taking a commemorative photo with Seunghui Yoo, Head of AI and Digital Business Division at Korea Trade Insurance Corporation. Provided by Shinhan Bank.

This agreement aims to expand small-amount guarantee support for export small business owners who face difficulties in obtaining financial support due to low credit ratings or limited export performance, and to promote their entry into overseas markets.

Under the agreement, Shinhan Bank and Korea Trade Insurance Corporation will strengthen the financial support system for export small business owners by: ▲ expanding the lineup of non-face-to-face guarantee loan products exclusively for low-credit export small business owners (“Light Guarantee”); ▲ providing full coverage of guarantee fees for companies using the Light Guarantee; and ▲ increasing guarantee limits for companies with a solid repayment history using direct guarantees (including Light Guarantee).

Through this agreement, companies with a KoDATA (Korea Evaluation Data) credit rating of B- or higher can apply for export promotion funds ranging from a minimum of 10 million won to a maximum of 120 million won, depending on their rating, using a guarantee certificate from Korea Trade Insurance Corporation as collateral.

A Shinhan Bank representative stated, "We have improved the product structure to support small business owners who have export capabilities but face restrictions in using financial services due to credit rating or performance requirements," adding, "Going forward, we will continue to expand substantial financial support for small business owners in the blind spots of the financial system and put inclusive finance into practice."

This content was produced with the assistance of AI translation services.