Hana Bank is set to provide a total of 200 billion won (approximately $1.5 billion) in financial support for young entrepreneurs and businesses in partnership with the Korea Technology Finance Corporation (Kibo) and the Korea Credit Guarantee Fund (Shinbo).
On August 23, Hana Bank announced that it signed a business agreement for the 'Y-Bridge Guarantee Financial Support for Young Enterprises' at its headquarters in Euljiro, Seoul.
The support is aimed at individual entrepreneurs under the age of 39 who meet the guarantee requirements, as well as companies led by young CEOs. Each business can receive loans of up to 300 million won. The agreement with Kibo and Shinbo will apply a 100% guarantee rate.
To alleviate the financial burden on young entrepreneurs, Hana Bank will fully cover the fixed guarantee fee of 0.3% that must be paid to the guarantee funds. The bank also plans to establish a support system to ensure that the guaranteed loans are executed smoothly and promptly.
Additionally, young representatives, individual entrepreneurs, and young employees will be offered 'My Mind Savings Rate Discount Coupons.' With these coupons, they can receive a maximum annual interest rate of 6.5% under conditions of a 12-month maturity and monthly contributions of up to 200,000 won. The total limit for this offer is set at 50,000 accounts.
Hana Bank President Lee Ho-sung stated, "I hope that young entrepreneurs with innovative technologies and ideas can achieve greater leaps forward through this guaranteed support. We will continue to provide diverse and generous support in the future."
* This article has been translated by AI.
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