Hana Bank said on April 17 it signed a business agreement with the Korea Strong SME Association on April 16 to strengthen small but competitive companies’ domestic and global competitiveness and expand productive financing.

The agreement was pursued to combine the capabilities of the two organisations to build a foundation for sustainable growth for small but competitive companies and expand the flow of funds into productive sectors. Attendees included Kim Young-sik (김영식), chairman of the Korea Strong SME Association, and Seo Yoo-seok (서유석), executive vice president of Hana Bank’s Corporate Group.

The two organisations plan to set key cooperation tasks, including encouraging member companies to shift funds into productive sectors, enhancing the brand value of small but competitive companies, and strengthening support for global expansion. They also plan to build a cooperation framework.

Hana Bank plans to expand productive financing support for association member companies, including preferential interest rates and fees. It will strengthen tailored financial consulting by company and financial support related to exports, imports and overseas expansion. It will also support the introduction of retirement pension schemes for the association and its member companies.

Seo said, "This agreement will serve as an opportunity to support small but competitive companies in securing competitiveness in the global market," adding, "We will continue to push ahead with expanding productive financing through financial support and cooperation."