Woori Bank Offers Benefits Including Loan Guarantee Fee Reduction for Management Innovation SMEs

[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 9th that it signed a business agreement with the Korea Management Innovation Small and Medium Business Association (MainBiz Association) on the 8th and will provide financial support to management innovation-type small and medium enterprises. Key officials, including Park Wan-sik, Head of Woori Bank's SME Group, and Seok Yong-chan, President of the MainBiz Association, attended the signing ceremony.

'MainBiz (Management Innovation Business)' is a system introduced by the Ministry of SMEs and Startups in 2006 to foster management innovation-type small and medium enterprises in non-technical fields such as marketing and organizational innovation.

Through this agreement, Woori Bank will offer MainBiz companies benefits including ▲a 0.2 percentage point annual reduction in guarantee fees for credit guarantee fund-backed secured loans on new transactions for three years ▲exemption from fees for electronic finance, ATM, and passbook reissuance.

Meanwhile, Woori Bank continues to provide financial support to excellent small and medium enterprises struggling due to the COVID-19 pandemic. In March, it signed a business agreement with the Credit Guarantee Fund for 'financial support for innovative growth, export, job creation, and COVID-19-affected SMEs,' providing 90 billion KRW for special contribution agreement guarantees and 370 billion KRW for guarantee fee support agreement guarantees. In April, it launched loan products to support material, parts, and equipment companies facing difficulties due to export regulations and COVID-19, offering preferential interest rate benefits.

Woori Bank signed a business agreement with the Korea Management Innovation Small and Medium Business Association on the 8th to provide financial support for management innovation-type small and medium enterprises (MainBiz). Park Wansik (right), head of Woori Bank's SME Group, is taking a commemorative photo with Seok Yongchan, president of the MainBiz Association.

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