Kakao Bank and Woowa Brothers Launch 100 Billion KRW Support Program for Small Business Owners

Special Contribution of 7 Billion KRW to Support Loans for Small Business Owners in the Restaurant Industry and Traditional Markets
Loan Limit Up to 100 Million KRW
Continued Guarantee Fee Support Benefits

▲ Yoon Ho-young, CEO of Kakao Bank (right), and Kim Beom-seok, CEO of Woowa Brothers, are posing for a commemorative photo after signing a business agreement at the "Financial Support Agreement Ceremony for Small Business Coexistence" held on the 23rd at Lotte World Tower in Songpa-gu, Seoul.
Photo by Kakao Bank

On January 23, Kakao Bank announced that it will provide loan support totaling 100 billion KRW for small business owners in the restaurant industry and traditional markets in partnership with Woowa Brothers.

On the same day, Kakao Bank and Woowa Brothers signed a business agreement for financial support aimed at promoting coexistence with small business owners. Under this agreement, Kakao Bank and Woowa Brothers will each make a special contribution of 3.5 billion KRW, totaling 7 billion KRW. Local credit guarantee foundations will use these funds as a financial resource to provide agreement-based guarantees amounting to 100 billion KRW.

The support is available to individual business owners in the restaurant industry and traditional markets, with a maximum loan limit of up to 100 million KRW. Applications can be submitted directly through the Kakao Bank application (app), or by visiting a credit guarantee foundation branch to obtain a guarantee certificate and then applying via the Kakao Bank app.

Individual business owners located in ten regions-Gyeongnam, Gyeongbuk, Gwangju, Daegu, Busan, Sejong, Ulsan, Jeonnam, Chungnam, and Chungbuk-will be able to apply for guaranteed loans starting January 24. For other regions, product launches are being prepared so that they can access the program within the first half of the year.

A benefit to reduce the financial burden for individual business owners has also been prepared, with half of the guarantee fee being supported. Since the launch of its guarantee certificate loan in May 2023, Kakao Bank has continuously supported half of the guarantee fee, and customers who sign up for this agreement-based product and are new Kakao Bank guarantee certificate loan customers will also be eligible for this guarantee fee reduction.

Kakao Bank plans to further expand its win-win collaboration for individual business owners through this agreement. Woowa Brothers, the operator of "Baedal Minjok," offers services targeting small business owners, so various forms of future collaboration for individual business owners are anticipated.

Yoon Ho-young, CEO of Kakao Bank, stated, "We have prepared this agreement-based loan product together with Woowa Brothers to help ease the financial burden on self-employed individuals struggling during the economic downturn," adding, "We will further expand financial support for individual business owners and take the lead in revitalizing local economies and strengthening the self-sufficiency of small business owners."

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