Five Major Banks Launch Special Financial Support for SMEs and Small Business Owners Ahead of Chuseok... Totaling 74 Trillion Won

New Loan Support Totals 29.875 Trillion Won

The five major commercial banks—KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, and NH Nonghyup Bank—have launched a special financial support program worth 74 trillion won to assist small and medium-sized enterprises (SMEs) and small business owners facing liquidity shortages ahead of the Chuseok holiday.

According to the financial sector on September 2, Kookmin, Shinhan, Hana, and Woori Bank are each providing 15.2 trillion won in special funds for SMEs and individual business owners. By bank, new loans amount to 6.2 trillion won while 9 trillion won are for maturity extensions. The support period is the same for all banks, running from August 24 to October 16.

Nonghyup Bank has also decided to supply a total of 13.575 trillion won in funds—5.075 trillion won in new loans and 8.5 trillion won in maturity extensions, with the support period lasting until October 12.

The total amount of new loan support from the five major banks stands at 29.875 trillion won, with the combined support including maturity extensions reaching 74.375 trillion won.

Kookmin and Shinhan Bank will provide new loans of up to 1 billion won per company, within the range of needed funds, and offer preferential interest rates of up to 1.5 percentage points.

Nonghyup Bank will also apply a preferential rate of 0.1 percentage points, and Hana Bank as well as Woori Bank will provide preferential interest rates and new loans within their own internal approval limits.

Yonhap News Agency

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