Woori Bank Provides Special Funds to Small Businesses and Small Merchants Affected by COVID-19 in Jeju Region

Special Contribution of 200 Million KRW to Jeju Credit Guarantee Foundation, Support for Guarantee Loans Worth 3 Billion KRW

[Asia Economy Reporter Kwon Haeyoung] Woori Bank announced on the 12th that it has signed a "Jeju Special Self-Governing Province Small Business and Small Merchant Financial Support Agreement" with the Jeju Credit Guarantee Foundation.

Woori Bank will provide guarantee-backed loans worth 3 billion KRW to small businesses and small merchants in the Jeju area, who are expected to face difficulties due to the spread of the novel coronavirus infection (Wuhan pneumonia), using 200 million KRW contributed to the Jeju Credit Guarantee Foundation as funding.

The loan limit is up to 100 million KRW, and the loan period is up to 5 years. Depending on the loan period and amount, the guarantee fee is preferentially reduced by 0.2 to 0.4 percentage points annually. In particular, when receiving a Jeju Special Self-Governing Province secondary interest subsidy loan secured by the guarantee certificate, part of the loan interest can be supported by the Jeju Special Self-Governing Province up to 3.0% annually. When using the "Jeju Shinbo Small Merchant Account" together with the loan, internet banking transfer fees and others are waived.

A Woori Bank official said, "We have prepared support measures to help small businesses and small merchants in the Jeju area expected to be affected by the spread of the novel coronavirus," and added, "We plan to expand special contributions to Daejeon, Jeonbuk, and other regions to support small merchants suffering from economic recession and weakened consumer sentiment."

This content was produced with the assistance of AI translation services.