Hana Bank will expand financial support for young people, low-income residents and small business owners in the Incheon area and will provide funding to foster future strategic industries and startups.

Hana Bank said on Aug. 17 it signed three agreements with Incheon Metropolitan City on Aug. 14 to support shared growth in the region.

The agreements include a co-growth pact, a financial support pact to foster the ABC+E future growth engine and an agreement on investing in the Incheon Unicorn Fund.

Under the co-growth agreement, Hana Bank will expand financial support for young people, financially vulnerable groups and small business owners.

For young people, it will provide financial services for housing stability and job preparation. It will also 추진 emergency living-expense support for victims of jeonse fraud, principal repayment support for vulnerable borrowers who repay faithfully and support for long-term delinquent borrowers to restart.

For small businesses, it will make an additional special contribution to the Incheon Credit Guarantee Foundation to supply about 30 billion won in guaranteed loans. It plans to expand Incheon-style special management stability funds to a total of 248.3 billion won by adding 83.3 billion won to the existing 165 billion won.

It will also pursue financial support for companies in future industries. Under the ABC+E financial support agreement, Hana Bank will provide special contributions, and the Korea Technology Finance Corporation will use the funds to provide a total of 150 billion won in agreement guarantees.

ABC+E stands for artificial intelligence, bio, contents and culture, and energy. For eligible companies, it plans to apply a guarantee ratio of up to 100 percent and support guarantee fees of up to 0.6 percent.

It will also set up the Incheon Unicorn Fund worth 200 billion won to invest in startups and growth companies in the Incheon area.

Hana Financial Group will invest 200 billion won, and Hana Securities will be responsible for forming and managing the fund. Hana Bank will be responsible for identifying and recommending promising startups and companies in the Incheon area.

The fund will focus investments on companies based in Incheon and those planning to relocate to Incheon that have strong growth potential. It plans to support the business expansion of regional companies by combining follow-on investments and direct investments.

Hana Bank CEO Ho-seong Lee (이호성) said, "In line with Incheon city's policies, Hana Bank will continue its support as a local bank that provides practical help for the recovery of Incheon's livelihoods economy and the fostering of future growth engines."