Shinhan Bank said on Tuesday it signed a business agreement with the Ulsan Credit Guarantee Foundation to help ease the financial burden on small businesses and self-employed people in Ulsan and support efforts to revitalise the local economy.

Under the agreement, Shinhan Bank will make a special contribution of 1.1 billion won to the Ulsan Credit Guarantee Foundation. The foundation will use the funds to provide a total of 16.5 billion won in guarantees under the agreement. Eligible recipients are small companies and small merchants based in Ulsan Metropolitan City, with a maximum guarantee limit of 100 million won per company.

The agreement was designed to improve financing conditions for local small merchants facing difficult business conditions due to an economic slowdown and rising costs. It aims to help them secure liquidity and support stable operation of local commercial districts, contributing to revitalising the local economy.

Shinhan Bank plans to expand cooperation with guarantee institutions in major regions, including Ulsan. It also plans to strengthen inclusive finance support that can be felt on the ground.

A Shinhan Bank official said the special contribution agreement was designed to provide practical help to small merchants in Ulsan who are having difficulty raising funds. The official said the bank will continue to promote inclusive finance for small and medium-sized enterprises and small merchants through cooperation with local credit guarantee foundations.