Shinhan Bank and Korea Trade Insurance Corporation will actively provide ‘KRW 1 trillion in export financing’ to small and medium-sized businesses going abroad.

Shinhan Bank and Korea Trade Insurance Corporation have prepared export financing worth 1 trillion won to support small and medium-sized companies’ overseas expansion.

At the ‘Business Agreement to Support Overseas Expansion of Small and Medium-sized Companies’ held at the Plaza Hotel in Jung-gu, Seoul on the 17th, these organizations announced that they had strengthened cooperation. This agreement is a continuation of the plan to expand trade insurance support. Shinhan Bank will discover companies in demand and provide preferential loans, and the Korea Trade Insurance Corporation will be in charge of guaranteeing loan funds, discounting guarantee fees, and supporting feasibility study costs.

The two organizations also announced that they plan to strengthen support for export tech companies and select 100 companies over the next three years to support their entry into the global market. To this end, Shinhan Bank will provide investment funds to the startup development program (Future’s Lab), and Korea Trade Insurance Corporation will provide a 90% discount on insurance and guarantee fees and a special guarantee for production funds of up to 10 billion won per company.

Kim Joo-hyun, Chairman of the Financial Services Commission, emphasized, “Through this agreement, we will share information held by the two organizations and strengthen cooperation programs to further strengthen support for export companies,” and Minister of Trade, Industry and Energy (Ahn Deok-geun) said, “The government will support small and medium-sized businesses.” “We will make every effort to expand the company’s exports,” he said.

Editor. Seyeong Hong