NH Nonghyup Bank establishes NH Miso Microfinance Foundation

NH Nonghyup Bank has held an inaugural general meeting to establish the NH Miso Microfinance Foundation, a non-profit organization designed to support the economic independence of low-income, low-credit, and vulnerable populations. The foundation aims to provide unsecured and non-guaranteed low-interest loans for startup, operating, and facility improvement costs for small business owners and those facing financial difficulties.

In a broader effort to expand microfinance resources, Samsung and six major financial institutions have agreed to contribute a total of 800 billion won to microfinance funds. Samsung will contribute 200 billion won, while the other participating institutions, including NH Nonghyup Financial Group, Shinhan Financial Group, Woori Bank, KB Kookmin Bank, Hana Bank, and IBK Industrial Bank of Korea, will each contribute 100 billion won.

This capital injection is intended to increase the annual supply of microfinance from 400 billion won this year to 600 billion won by 2028. The NH Miso Microfinance Foundation will specifically focus on the agricultural sector, developing specialized products for farmers, returning rural residents, and young agricultural entrepreneurs to support costs such as farmland leases, agricultural machinery, and seeds.