Woori Financial Group "Full Support for Small Businesses Affected by COVID-19"

Support for Living Expenses, Promotion, and Marketing to 100 Small Businesses in the 'Good Store in Our Neighborhood' Campaign
Ongoing 'Good Landlord Movement' for Small Business Tenants in Woori Bank-Owned Buildings

[Asia Economy Reporter Kim Hyo-jin] Woori Financial Group announced on the 27th that it will implement the ‘Woori Neighborhood Good Store’ support project, selecting 100 small business owners who are experiencing economic difficulties due to the novel coronavirus infection (COVID-19) to support living expenses, promotion, and marketing activities.

Woori Financial also plans to continue the ‘Good Landlord Movement,’ which reduces rent for small business owners and small and medium-sized enterprises leasing buildings owned by Woori Bank.

The ‘Woori Neighborhood Good Store’ support project aims to discover good small business owners who, despite economic hardships caused by COVID-19, consider socially vulnerable groups and strive to coexist with the local community. The support includes ▲up to 1 million KRW in living expenses per business ▲promotion support using digital posters at Woori Bank branches and ‘Woori WON Banking’ ▲marketing support through entry into Woori Card’s open market, Wibee Market, utilizing various channels owned by Woori Financial.

Currently, recommendations for good small business owners located near Woori Bank branches are being accepted through the branches, and by mid-January next year, applications will be expanded nationwide through the ‘Woori Neighborhood Good Store’ official website.

Meanwhile, starting next month, Woori Bank will reduce monthly rent by 30% for small business owners and small and medium-sized enterprises leasing buildings owned by the bank for six months, and will fully exempt rent for businesses required to suspend operations when social distancing is raised to level 3.

Since March, when the spread of COVID-19 intensified, Woori Bank has reduced rent by 30% per month, up to a maximum of 1 million KRW per month, for seven months.

Son Tae-seung, Chairman of Woori Financial Group, said, “Financial support for companies affected by COVID-19 and various donation activities are a natural mission as a leading financial group in Korea during a national crisis,” adding, “We will continue to fulfill our social responsibility in finance through active social contribution activities linked to ESG management.”

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