Shinhan Bank to Offer Non-face-to-face Loans Under 'Seoul-type Safe Account' Program... Totaling 300 Billion Won
Maximum Loan Limit Raised to 20 Million Won
50% Guarantee Fee Subsidy, Full Waiver of Limit Agreement Fee
Shinhan Bank announced on September 1 that starting from September 3, it will provide a total of 300 billion won in non-face-to-face loans under the 'Seoul-type Safe Account' program for small business owners in Seoul.
In relation to this, Shinhan Bank has signed an agreement with the Seoul Metropolitan Government and the Seoul Credit Guarantee Foundation for the '4th Support Project for Seoul-type Safe Account for Small Business Owners.'
The eligible recipients are small business owners who operate individual businesses in Seoul and meet the following requirements: ▲ been in business for more than one year after opening ▲ have a NICE credit score of 600 points or higher as the representative ▲ have either total sales of at least 2 million won in the past three months or reported annual sales of at least 10 million won in the past year.
The loans will be provided in the form of an overdraft account, and starting with this 'Safe Account 4th edition,' the maximum limit has been raised to 20 million won. Existing Safe Account users can also apply for additional loans within the range remaining after deducting their current limit. The loan term is one year, and it may be extended annually after review for up to five years.
Applications can be made through the Seoul Credit Guarantee Foundation application (app), and after guarantee approval is granted, the non-face-to-face process will proceed through 'Shinhan SuperSOL.' To alleviate financial burdens for small business owners, Shinhan Bank will subsidize 50% of the initial guarantee fee and fully waive the limit agreement fee.
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A representative from Shinhan Bank stated, "As the main bank for the Seoul Metropolitan Government, we are actively participating in financial policies for the stable operation of small businesses, in partnership with the city of Seoul," and added, "Going forward, we will continue expanding tangible financial benefits for small business owners to help vitalize the local economy."
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