NongHyup announced on June 15 that it will write off and reduce a total of 887.6 billion won in long-term overdue debt this year, in line with the government's inclusive finance policy, and will provide over 15 trillion won in inclusive financial support over the next five years.
To achieve this, NongHyup is mobilizing the capabilities of its financial subsidiaries—including the bank, securities, capital, and savings bank—as well as regional agricultural and livestock cooperatives and NongHyup Asset Management.
NongHyup explained that these measures are intended to help vulnerable groups achieve economic recovery and to strengthen its role in serving the public interest.
This year, NongHyup will write off 687 billion won in long-term overdue debt, relieving approximately 64,000 individuals from collection burdens and supporting their credit rehabilitation.
Furthermore, the organization will reduce 200.6 billion won in principal and interest for overdue debt that has been outstanding for more than three years, held by socially disadvantaged groups such as the elderly and recipients of basic livelihood security.
The plan includes reducing the principal by up to 90% and waiving all accrued interest.
NongHyup stated that the debt reduction program will run for one year starting next month and is expected to benefit approximately 26,000 people from vulnerable groups.
In addition, NongHyup plans to provide over 15 trillion won in inclusive financial support to small business owners, self-employed individuals, and vulnerable groups over the next five years.
The organization intends to supply low-interest loan products exclusively for farmers through regional agricultural and livestock cooperatives and operate "Inclusive Finance Companion Counters" to support vulnerable populations.
Kang Ho-dong, Chairman of the National Agricultural Cooperative Federation (NongHyup), said, "We will focus our capabilities on providing hope for recovery to vulnerable groups who have been facing economic difficulties and on fulfilling our social responsibilities."
(Photo: Yonhap News)