Naver Lowers Bar for Smart Store Business Loans... Application Eligibility Increases by 40%

[Asia Economy Reporter Buaeri] Naver Financial announced on the 29th that it will expand the eligible applicants for the 'Mirae Asset Capital Smart Store Business Loan.'

According to Naver Financial, the criteria for online small and medium enterprises (SMEs) eligible to apply for the Mirae Asset Capital Smart Store Business Loan, which was first introduced last month, will be lowered from a monthly sales of 1 million KRW for three consecutive months to 500,000 KRW.

As a result, the company explained that the number of eligible applicants for the loan will increase by 40%.

Naver Financial stated, "SMEs with monthly sales between 500,000 KRW and 1 million KRW for three consecutive months will also be able to apply for the business loan, providing an opportunity to secure business funds under better conditions."

This policy by Naver Financial is thanks to an advanced alternative credit evaluation system.

The alternative credit evaluation system positively reflects activity data within the Smart Store, such as real-time sales, return rates, proportion of regular customers, and customer inquiry response speed, allowing new filer business owners with little financial information to undergo loan screening.

Kim Taekyung, leader at Naver Financial, said, "The loan approval rate was 40% during the two months after launch, and the approval rate for 'new filers' with almost no financial history reached 52%, indicating high reliability of the loan screening results."

The Mirae Asset Capital Smart Store Business Loan has no early repayment fees and can be executed in three minutes, enabling online SMEs to quickly utilize funds when needed.

Naver Financial explained that, so far, principal and interest repayments have been made without a single delinquency.

Choi Inhyuk, CEO of Naver Financial, stated, "We aim to establish the Mirae Asset Capital Smart Store Business Loan as the first choice for online SMEs, who find it difficult to receive funding through traditional financial systems, whenever they need cash flow."

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