HF Offers Financing Assistance to SMEs and Social Enterprises in Busan 

- HF joins hands with Busan Bank and IBK to create a win-win fund for  low-interest loans to businesses hit by COVID-19 

Korea Housing Finance Corporation (HF, CEO Lee Jung-Hwan) is set to provide financing assistance to small businesses and social enterprises facing financial difficulties due to COVID-19.  

HF announced on the 10th that it had signed a memorandum of understanding (MOU) with BNK Busan Bank (President Bin Dae-In). The MOU is titled “Financing Support for Shared Growth with SMEs in Busan“ <see image below>.

Under the MOU, HF and BNK Busan Bank will create a KRW 30 billion fund to provide low-interest loans to ▲ SMEs in Busan that are facing financial difficulties due to COVID-19, ▲ SMEs in Busan that have created new jobs, and ▲ social enterprises in Busan. 

The loans are offered at an upper limit of KRW 500 million and a discount of at least 0.65%p from the annual interest rate calculated for each individual business. More details on the loans are available at BNK Busan Bank branches.    

HF CEO Lee Jung-Hwan said, “We hope that this MOU helps small- and medium-sized companies suffering from the impact of COVID-19 stabilize their businesses and employment activities. We will continue to take shared growth and job creation measures from various angles, helping overcome the COVID-19 crisis early and revitalize the local economy.”

HF also reached an agreement with IBK on the same day to create a KRW 30 billion fund for local SMEs. This has raised the volume of HF's win-win loan fund to KRW 60 billion.