Woori Bank Lowers Interest Rates on 'Small Business 2nd Financial Support Loan'... Minimum Annual Rate 2.73%

Minimum Annual 2.73%, Financial Support at Commercial Bank Lowest Interest Rate Level

[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 20th that it will lower the interest rate of the ‘Second Financial Support Loan for Small Business Owners’ to a minimum annual rate of 2.73% to support small business owners struggling due to the novel coronavirus infection (COVID-19).

Following the average annual interest rate reduction of 0.5 percentage points by credit rating in June, this additional interest rate cut provides an average annual preferential rate of 1.0 percentage point, applying a minimum interest rate of around 2.73% annually to customers holding internal credit ratings at Woori Bank.

The support target is small business owners (individual business operators) with more than six months of business experience who have suffered direct or indirect damage from COVID-19. The loan limit is 10 million KRW, and the loan period is five years (two years grace period, three years installment repayment).

Meanwhile, the ‘Interest Subsidy Loan for Micro Small Business Owners’ launched in April quickly provided about 500 billion KRW, the fastest among commercial banks. In June, the loan process was implemented to allow all procedures for the ‘Second Financial Support Loan for Small Business Owners’ to be supported non-face-to-face.

A Woori Bank official said, “We have focused on supporting small business owners since the early stages of the COVID-19 outbreak,” adding, “We expanded interest rate benefits to provide practical financial support to small business owners struggling due to COVID-19.”

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