Major commercial banks are set to offer 74 trillion won in special financial support for small and medium-sized enterprises (SMEs) and small business owners ahead of the Chuseok holiday.
According to the financial sector on September 2, the five major banks—KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup—will provide a total of 74.375 trillion won in special funds for Chuseok. This amount is 9.25 trillion won (1.3%) more than last year's support of 73.450 trillion won, marking the largest support ever.
KB Kookmin, Shinhan, Hana, and Woori banks will each support a total of 15.2 trillion won, which includes 6.2 trillion won in new loans and 9 trillion won in maturity extensions. The support period runs from August 24 to September 16.
Businesses can receive new loans of up to 1 billion won, depending on their funding needs. Loans can be extended without repaying part of the principal at maturity, and deferred installment payments are also supported. After bank assessments, preferential interest rates of up to 1.5 percentage points may apply.
NH Nonghyup Bank will provide a total of 13.575 trillion won, including 5.075 trillion won in new loans and 8.5 trillion won in maturity extensions. This amount is 5.75 trillion won more than last year's Chuseok support. The support period extends until September 12, with a special preferential interest rate of 0.1 percentage points.
Compared to last year, KB Kookmin and Hana banks increased their support by 1 trillion won each, while Shinhan and Woori banks raised their support by 750 billion won each. More than half of the increase in support from the five major banks compared to last year comes from NH Nonghyup Bank.
Mobile branches will also operate during the holiday period for travelers. Hana Bank will run a 'Moving Hana Bank' at the Yangjae Meeting Plaza rest area from September 23 to 24, where it will hold a currency exchange event.
* This article has been translated by AI.
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