Toss Bank Strengthens Benefits for Individual Entrepreneurs in Partnership with Korea Federation of SMEs

Toss Bank Achieves First Synergy with Shareholders... Leading Inclusive Finance
Up to 0.5%p Preferential Interest Rate Benefits for Individual Entrepreneurs Enrolled in Korea Federation of SMEs Yellow Umbrella Mutual Aid

[Asia Economy Reporter Song Hwajeong] Toss Bank announced on the 6th that it will expand the benefits of the 'Sajangnim Loan' to more small business owners and sole proprietors in partnership with its shareholder, the Korea Federation of SMEs (hereinafter referred to as the KFS).

The Korea Federation of SMEs supports the autonomous economic activities of small and medium enterprises and self-employed individuals, and operates a social safety net mutual aid system called the Yellow Umbrella Mutual Aid, which helps stabilize livelihoods and provides opportunities for business recovery from risks such as business closure and old age.

Toss Bank, together with the KFS, offers a preferential interest rate of up to 0.5 percentage points to sole proprietors who have subscribed to the Yellow Umbrella Mutual Aid to support small business financing and promote their growth and development. The loan limit is up to 100 million KRW, the same as the existing Sajangnim Loan.

The Toss Bank Sajangnim Loan is available to sole proprietors with a business registration number who are not in a suspended or closed business status and have had sales for more than one year or at least the last six months. The loan term ranges from a minimum of one year to a maximum of five years (with possible extension upon maturity), and it can be repaid at any time without a prepayment penalty, reducing financial costs.

A Toss Bank official said, "Through this collaboration with the KFS, we hope that more sole proprietor customers can receive financial benefits via mobile without the hassle of visiting a bank," adding, "We will continue to provide differentiated services and benefits through business partnerships such as promoting subscription to the Yellow Umbrella Mutual Aid operated by the KFS and strive to revitalize financial services for the underprivileged."

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