Shinhan Financial and Gangwon State launch small business support initiatives

Shinhan Financial Group and Gangwon State have launched multiple initiatives to support small business owners and revitalize traditional markets in South Korea.

Shinhan Financial Group conducted a Chuseok holiday campaign involving approximately 2,000 employees. The group used 100 million won worth of Onnuri gift certificates to purchase daily necessities, hygiene products, and stationery from traditional markets, such as Namdaemun, Yeongdeungpo, and Gwangjang markets, to be donated to vulnerable groups including children and the elderly.

In Gangwon State, a collaborative agreement was signed between the provincial government, Shinhan Bank, Gangwon Credit Guarantee Foundation, and the Gangwon Small Business Association. This partnership includes an 18 billion won management stability fund, with 1.2 billion won contributed by Shinhan Bank. The program aims to provide loans to approximately 600 small business owners, with the province subsidizing 2% of the interest for two years.

Additionally, Gangwon State is partnering with online platforms to boost local commerce. Kakao will provide education, consulting, and promotional support through its ‘Regular Store’ project, while Woowa Brothers (operator of Baedal Minjok) will work to commercialize and sell traditional market food products. Shinhan Bank will also offer reduced brokerage fees through its delivery app, ‘Ddanggyeo-yo’, to assist local merchants.