Woori Bank Launches 'Woori Support Loan for Materials, Parts, and Equipment Companies'
New Product Launch to Overcome COVID-19 for Material, Parts, and Equipment Companies
Interest Payment Deferral Application Available for 6 Months from New Loan Initiation
[Asia Economy Reporter Kangwook Cho] Woori Bank announced on the 7th that it has launched a financial support loan product for materials, parts, and equipment companies facing difficulties due to Japan's export restrictions followed by COVID-19, called the 'Woori Materials, Parts, and Equipment Company Support Loan.'
The 'Woori Materials, Parts, and Equipment Company Support Loan' was launched on the 1st in line with the government's enforcement date of the 'Special Measures Act on the Materials, Parts, and Equipment Industry.' It offers optimal loan interest rates and limits by reflecting various factors such as the company's credit rating, technological capability, and collateral for the eligible companies.
Preferential interest rates ranging from 1.3 to 2.0 percentage points are applied based on factors such as automatic transfer records of the four major social insurances including employment insurance, the number of regular employees, and whether movable property or intellectual property rights are provided as collateral. Additionally, when using business real estate such as knowledge industry centers, smart factories, or offices as collateral, or for facility fund loans acquiring collateral within industrial complexes, up to 90% of the required funds are supported.
Furthermore, upon customer request for new loans, applications for interest payment deferral will be accepted until September 30, and interest payment deferral is possible for up to six months.
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A Woori Bank official stated, "The Woori Materials, Parts, and Equipment Company Support Loan is designed to comprehensively review the characteristics of materials, parts, and equipment companies to provide optimal loan limits and interest rates," adding, "We hope this product will be of great help to small and medium-sized enterprises going through difficult times due to COVID-19."
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