Shinhan Bank, K-Sure to provide 1 tln won in policy support to exporters

SEOUL, Shinhan Bank and the Korea Trade Insurance Corp. (K-Sure) will provide up to 1 trillion won (US$720 million) to support small and medium-sized export firms, the financial regulator said Monday. Under a memorandum of understanding (MOU) signed Monday, Shinhan Bank will offer loans at preferred rates to firms seeking to explore overseas markets and build new facilities there, while K-Sure will provide trade guarantees to such firms. The two will also work together to find and help develop new export firms, according to the Financial Services Commission (FSC). To this end, they will provide tailored support to 100 startups over the next three years to turn them into global unicorn firms. "This MOU has great significance in that K-Sure and Shinhan Bank will share their own information and link their separate support programs to support export companies," FSC chief Kim Joo-hyun was quoted as saying at the signing ceremony. Industry Minister Ahn Duk-geun pledged government support. "The fundamentals o f our small and medium-sized exporters have sharply weakened due to high interest rates and the recent realignment of global supply chains," Ahn said, according to the FSC. "The government, too, will mobilize all its resources to actively support our small and medium-sized firms so they may boost their exports." Source: Yonhap News Agency