Shinhan Bank announced on the 17th that it will implement financial support for small and medium enterprises (sme) to address the difficulties faced by importers due to the rising exchange rates.
Shinhan Bank decided to provide maturity extensions and payment support for letters of credit, which are commonly used by import companies among small and medium enterprises (sme).
A letter of credit is a type of guarantee issued by a bank to an importer or overseas traveler based on their collateral.
Shinhan Bank plans to expedite decision-making processes and support the swift handling of operations by relaxing maturity extension criteria for small and medium enterprises (sme) whose letters of credit are nearing expiration.
Additionally, it has been decided to actively support credit to small and medium enterprises (sme) that are facing temporary payment shortages due to the rising exchange rates.
Furthermore, a total solution including financial and non-financial consulting in taxation, accounting, foreign exchange, law, and marketing for small and medium enterprises (sme) facing difficulties due to rising exchange rates will be provided through various channels, including the 'Corporate Complaints Support Center,' which started operation on the 13th.
A Shinhan Bank official said, 'We have decided to quickly provide financial support for small and medium enterprises (sme) that are suffering from rising exchange rates,' adding, 'We will continue to practice practical co-prosperity finance to help struggling small and medium enterprises (sme) through various methods.'