Woori Bank to Provide 200 Billion Won for "Seoul-type Safe Account Phase 3"

Woori Bank is partnering with the Seoul Metropolitan Government and the Seoul Credit Guarantee Foundation to provide non-face-to-face loan support for small business owners. This initiative aims to improve financial access for micro-businesses experiencing funding difficulties due to high interest rates and the economic downturn.

On March 19, Woori Bank announced that it had signed an agreement with the Seoul Metropolitan Government and the Seoul Credit Guarantee Foundation on March 6 to launch the "Seoul-type Safe Account for Small Business Owners Phase 3 Support Program." Through this agreement, the bank will provide overdraft guarantee loans totaling 200 billion won.

This initiative is part of the Seoul Metropolitan Government's "Small Business Support Project." The focus is on swiftly providing overdraft loans of up to 10 million won per business in a non-face-to-face manner, thereby alleviating the funding burden and supporting business stability. In particular, the program expands the scope of support to include micro-enterprises with limited access to financial services, further advancing inclusive finance.

Eligible applicants include: ▲ individual business owners operating for more than one year; ▲ those with a NICE credit score of 600 or higher; and ▲ Seoul-based small business owners with either at least 2 million won in sales over the past three months or at least 10 million won in reported sales over the past year. The loan is structured as a one-year, lump-sum repayment overdraft, and may be extended for up to five years following review.

The entire application process is conducted non-face-to-face. Guarantee applications can be submitted through the Seoul Credit Guarantee Foundation’s mobile app starting March 19, and upon guarantee approval, loan execution can proceed via Woori Bank’s "Woori WON Business Banking" without the need to visit a branch. For the initial five days, applications will be limited based on the last digit of the applicant's year of birth, but from March 26, applications will be open without restriction. Additional support is also provided to ease financial costs. Woori Bank will cover 50% of the first-year guarantee fee and waive unused overdraft limit fees, delivering tangible cost savings to borrowers.

On-site support will also be offered. Woori Bank plans to participate in the "Small Business Support Expo," to be held at Dongdaemun Design Plaza (DDP) on March 26–27, providing consultations related to the Safe Account as well as customized financial and business consulting. A Woori Bank representative stated, "The third phase of the Seoul-type Safe Account is designed to reduce the financial burden on small business owners and support their business recovery. We will continue to strengthen collaboration with related organizations to expand practical, on-site financial support and inclusive finance."

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