Woori Bank Provides 400 Billion KRW Support to Small Businesses Affected by COVID-19
[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 24th that it will provide a total of 400 billion KRW in financial support, including 300 billion KRW in guarantee letter loans through special contributions to guarantee institutions and 100 billion KRW in special management stabilization funds, to small business owners expected to be affected by the novel coronavirus infection (COVID-19).
Woori Bank plans to make special contributions to the Korea Credit Guarantee Fund and regional credit guarantee foundations to fund 300 billion KRW worth of guarantee letter loans. The support targets small business owners engaged in food service, lodging, tourism, and related industries.
Woori Bank also plans to expand the on-site inspection agency service for issuing guarantee letters by regional guarantee institutions from the current 9 regions to other areas. It will offer preferential loan interest rates and fees to building owners participating in the "Good Landlord Movement," and especially plans to support all small business owners in Daegu and Gyeongbuk regions who wish to receive repayment extensions without repayment and deferred installment repayments.
Additionally, Woori Bank is providing 100 billion KRW in special management stabilization funds to companies affected by COVID-19. Loan interest rates are preferentially reduced by up to 1.3 percentage points, and maturity extensions and installment repayment conditions are being eased.
The bank is waiving the additional interest rate (1.5%) caused by delayed deposit of export bills from China and has extended the default processing period for such bills up to 90 days. It offers preferential fees for importers' letters of credit and provides various management support and trade-related information to affected companies.
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A Woori Bank official said, "We will actively support small and medium-sized enterprises and small business owners experiencing financial difficulties to preemptively block concerns about an economic downturn caused by the novel coronavirus."
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