Trade, Industry and Energy Minister Dukgeun Ahn and Financial Services Commission (FSC) Chairman Kim Joo-hyun attended the memorandum of understanding (MOU) signing ceremony between Shinhan Bank and K-SURE on June 17 for reducing SMEs and middle-market companies’ trade financing burdens and providing joint support for their overseas market entry as part of the trade insurance support measures announced this March.



According to the MOU, Shinhan Bank and K-SURE are to provide preferential loans of KRW 1 trillion ($720 mln) as export financing to support the overseas production facility establishment of SMEs and middle-market companies entering foreign markets in response to global supply chain realignment. Such companies will be offered loans at preferred rates from Shinhan bank and guarantee fee discounts and feasibility study expense grants from K-SURE.



Shinhan Bank and K-SURE are to cooperate in nurturing tech export businesses with high potential in terms of technology, growth, and innovativeness by selecting and giving catered support to 100 companies over the next three years for them to grow into unicorn companies. To this end, Shinhan Bank plans to give preferential investment funding assistance via Future’s Lab, its startup nurturing program, and K-SURE plans to offer special guarantees up to ₩10 billion maximum per company as well as a 90 percent discount on insurance premiums and guarantee fees.



Minister Ahn stated that the MOUs signed this day are part of a leading financial cooperation model to boost SMEs and middle-market companies’ exports and overseas entry amid protracted high interest rates and intensifying supply chain realignments worldwide.