SK hynix, gov't to provide $1.5 bil. in loan guarantees to semiconductor suppliers
Korean chip giant SK hynix said Monday it will partner with the government and major banks to provide 2 trillion won ($1.5 billion) in loan guarantees to local semiconductor suppliers to strengthen the domestic chip supply chain. SK hynix and the Ministry of Trade, Industry and Resources signed an agreement to launch the program at the chipmaker's semiconductor cluster promotion center in Yongin,…
South Korean semiconductor manufacturer SK hynix has announced a partnership with the government and major banks to provide 2 trillion won, equivalent to $1.5 billion, in loan guarantees to local chip suppliers. The agreement was signed at SK hynix's semiconductor cluster promotion center in Yongin, south of Seoul.
Under this initiative, SK hynix and four major banks will collectively contribute a total of 100 billion won to support the program. The state-run Korea Trade Insurance Corp. (K-SURE) will offer up to 2 trillion won in loan guarantees to suppliers of semiconductor materials, parts, and equipment. Suppliers endorsed by SK hynix will enjoy higher loan limits, interest rate reductions of up to 2.5 percentage points, and an extended guarantee period from one to three years.
This program is part of the government's broader strategy to bolster export supply chains by making financing more accessible to smaller companies working with major manufacturers. The government has previously committed an additional 2.4 trillion won to further strengthen the semiconductor sector.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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