Hana Bank steps up financing for Incheon's small businesses ahead of headquarters relocation

Ahead of its headquarters relocation to Incheon in September, Hana Bank is stepping up financial support for the city’s small businesses and manufacturers, the lender said Sunday.

As part of the initiative, the bank signed a memorandum of understanding with the Incheon Credit Guarantee Foundation, Thursday, before CEO Lee Ho-sung visited Sinpo International Market and the Namdong National Industrial Complex to meet business owners and discuss the challenges they face.

The partnership reflects Hana Financial Group’s broader push to strengthen its presence in Incheon ahead of its move to Cheongna.

Under the agreement, Hana Bank will contribute 5.5 billion won ($3.77 million) this year to the Incheon Credit Guarantee Foundation, enabling 84 billion won in guaranteed loans for small business owners.

It will also extend preferential financing to merchants that accept local currency, “Incheon e-Eum,” or use the public food delivery platform Mukkebi.

An additional 10 billion won in overdraft-style working capital loans is set to be made available to small businesses across the city.

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