Hana Bank said on Thursday it will support small and medium-sized firms facing funding strains from rising raw material prices and increased exchange-rate volatility. The bank signed an agreement with the Korea Technology Finance Corporation to provide inclusive financial support to help SMEs overcome a crisis stemming from factors such as the war in the Middle East. Hana will contribute 5 billion won, and Kibo plans to supply 220 billion won in guarantee-backed support.

KB Kookmin Bank will support small and medium-sized companies struggling due to the Middle East war and the effects of high oil prices and a weak won. The bank said it signed an agreement with the Korea Technology Finance Corp to provide inclusive financial support to help firms overcome the crisis. KB Kookmin Bank plans a 5 billion won contribution and about 230 billion won in guarantee-backed loans, with preferential guarantee ratios and fee support for eligible companies.