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[Alpha Biz=(Chicago) Reporter Kim Jisun] Shinsung ENG will strengthen its stance on shared growth.
Shinsung ENG said on December 12 that it signed a memorandum of understanding (MOU) with KB Kookmin Bank for financial support from small and medium-sized business partners.
As part of Shinsung ENG's environmental, social and governance (ESG) management, the main goal of this MOU is to actually help its partners in financial problems through cooperation with financial institutions.
The "KB Kookmin Bank Shared Growth Fund" signed by the two companies is a system that allows suppliers to take out low-interest loans from KB Kookmin Bank, the primary financial sector, with the amount deposited by Shinsung ENG.
If Shinsung ENG deposits a certain amount in a fixed deposit that gives interest, the target company can borrow it within that amount limit. At this time, the loan interest rate of subcontractors can be applied at a low interest rate to which the reduction rate is applied, thereby reducing the interest burden.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
