Shinhan Bank's 20 Billion Won Financial Lifeline for Seoul's Small Businesses

With the city of Seoul bustling with small businesses, a new financial lifeline has emerged to help these enterprises withstand economic challenges. In an impressive collaboration, Shinhan Bank, the Seoul Metropolitan Government, and the Seoul Credit Guarantee Foundation have come together to launch a 20 billion won financial support program targeting small business owners associated with the public delivery app ‘Seoul Delivery + Pull’.

A Comprehensive Approach to Support

The initiative isn’t just about numbers; it’s about building a resilient business environment. As articulated by Shinhan Bank President Sanghyuk Jung, the program is tailored to offer practical financial support to small business owners operating in Seoul’s vibrant restaurant industry. Applicants can look forward to loan interest rate reductions, set to ease the financial burden significantly.

Power-Backing from Key Partners

Underpinning this massive financial initiative is a strategic partnership amongst key industry players. Shinhan Bank has made a commendable contribution of 1.6 billion won to the Seoul Credit Guarantee Foundation. In turn, the foundation will furnish 20 billion won in new financial guarantees, enhancing the capability of small businesses to thrive in Seoul. As stated in 매일경제, such collaboration illustrates the power of public-private partnerships in creating impactful economic support structures.

Enabling Small Businesses to Thrive

At the heart of this initiative is the desire to create an enriching springboard for small business owners, particularly those with the ‘Seoul Delivery + Win-Win Certification’. These enterprises can now secure financial support of up to 100 million won through user-friendly channels, including mobile applications and comprehensive support centers in various autonomous districts.

A Visionary Program for an Economic Renaissance

This innovative program traces its origins to the visionary leadership of Jin Ok-dong, the current Shinhan Financial Group Chairman. Launched during his presidency at Shinhan Bank, the public delivery platform ‘Seoul Delivery + Pull’ initially offered non-financial advantages such as low brokerage fees, free advertising, and presidential support. The latest development to offer financial incentives marks a significant step forward, transforming a vision into reality.

Concluding Thoughts

These efforts not only reflect Shinhan Bank’s ongoing commitment to economic development but also highlight a broader strategy entitled “Seoul Delivery + Pull” to foster resilience among Seoul’s small businesses. As these efforts unfold, small businesses in Seoul will now have a viable pathway to financial stability and growth, ensuring that their contributions to the local economy continue to flourish.