NH Bank will provide 1.5 trillion won in financial support to reduce the financial burden on local businesses, including village enterprises.
On August 13, NH Bank announced it will make a special contribution of 10 billion won to regional credit guarantee foundations across the country, which will serve as the basis for the 1.5 trillion won financial support initiative.
This support aims to alleviate the funding challenges faced by local businesses and to stimulate the regional economy. NH Bank plans to enter into individual agreements with local governments and regional credit guarantee foundations to tailor support based on regional characteristics and funding needs.
In particular, for local businesses struggling with high interest rates, NH Bank will lower the effective interest burden through interest subsidies linked to loans from local governments.
The conditions for supporting village enterprises are also expected to improve. The village enterprise system, which has been operated based on implementation guidelines, will now have a legal foundation with the enforcement of the 'Act on the Promotion and Support of Village Enterprises' starting this month. NH Bank is committed to actively supporting the funding needs of village enterprises during the establishment of this system.
Kang Tae-young, president of NH Bank, stated, "We hope this financial support will contribute to the sustainable growth of village enterprises and local businesses," adding, "We will expand tailored financial support and inclusive finance through collaboration with local governments and regional credit guarantee foundations."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.