MICROCAPITAL STORY: South Korean Hana Bank creates USD 32.6 Million Microfinance Fund

Hana Bank, the fourth-largest commercial lender in South Korea, announces that it will create a 30 billion won (USD 32.6 million) micro-credit fund to support small businesses and individual entrepreneurs in South Korea. The Korea Herald reports that this marks the single largest commitment ever made to South Korean microfinance. The bank, together with Seoul-based nonprofit group Hope Institute, plans to lend working capital at low interest rates (around 3-4% annually) to small enterprises that cannot meet qualifications for bank loans due to lack of collateral, verifiable credit history or a steady stream of revenue. Up to 300 million won (USD 326,300) will be provided in loans to small businesses, particularly social enterprise ventures and agricultural startups.

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