Hana Bank will join hands with the Korea Importers Association and the Korea Technology Finance Corp to supply a total of 50 billion won in liquidity to small and mid-sized importing companies.

Hana Bank said on July 20 it signed a financial support agreement with the association and KODIT to support the growth of domestic importing companies.

Under the agreement, Hana Bank will make a 700 million won special contribution to KODIT. KODIT plans to use the funds to provide agreement-backed guarantees worth a total of 50 billion won.

Eligible companies are full members recommended by the association that meet KODIT’s guarantee requirements. Hana Bank will support funding for the small and mid-sized importers by linking KODIT’s agreement-backed guarantees.

It will also provide preferential benefits to reduce financing costs. Hana Bank plans to support guarantee fees by up to 0.7 percentage points for a maximum of 2 years and offer preferential terms on loan rates, exchange rates and foreign exchange fees.

Lee Jung-hyun (이정현), an executive director at Hana Bank’s foreign exchange business group, said, "We signed this agreement to support importing companies that contribute to the stability and diversity of global supply chains." He added, "We will continue to expand financial support programs for export and import companies."