Woori Bank Implements Support Program for SMEs with Loan Delinquencies

Until the end of 2024
For corporate loans under 3 billion KRW, with less than 90 days of loan delinquency

Woori Bank announced on the 9th that it will implement the ‘Small and Medium Enterprise Re-Start Program’ until the end of 2024 to support small and medium enterprises (SMEs) experiencing loan delinquencies due to temporary liquidity shortages.

The ‘Small and Medium Enterprise Re-Start Program’ targets individual business owners and SMEs with corporate loans of 3 billion KRW or less and loan delinquency periods of less than 90 days. It helps normalize their financial status through methods such as ▲loan extension ▲loan restructuring ▲installment repayment deferral (new refinancing) ▲additional loans. In particular, additional and new refinancing loans provide liquidity support for up to three years.

This ‘Small and Medium Enterprise Re-Start Program’ extends support to individual business owners with loans exceeding 1 billion KRW and up to 3 billion KRW, as well as SMEs, who were excluded from the banking sector’s joint program ‘Individual Business Owner Loan 119,’ which supports individual business owners with loans of 1 billion KRW or less.

A Woori Bank official stated, “We hope the ‘Small and Medium Enterprise Re-Start Program’ will help SMEs overcome temporary liquidity crises during difficult times,” and added, “We will continue to develop various win-win programs to provide practical financial benefits to SMEs and small business owners.”

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