Woori Bank Provides Financial Support to Small Businesses Affected by COVID-19 in Daejeon Region

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[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 21st that it has signed the '2020 Woori Bank Special Contribution SME and Small Business Financial Support Agreement' with the Daejeon Credit Guarantee Foundation.

Woori Bank will provide guarantee-backed loans worth 7.5 billion KRW to small enterprises and small business owners in the Daejeon area, who are expected to face difficulties due to the spread of the novel coronavirus infection (COVID-19), using 500 million KRW contributed to the Daejeon Credit Guarantee Foundation as funding.

The loan limit is up to 100 million KRW, and the loan period is up to 5 years. A guarantee fee discount of 0.2% per annum is applied depending on the loan period and loan amount. In particular, when receiving a secondary interest subsidy loan from Daejeon Metropolitan City using the guarantee certificate as collateral, part of the loan interest can be supported by Daejeon Metropolitan City up to 3.0% per annum. If the 'Daejeon Shinbo Small Business Account' is used together with the loan, internet banking transfer fees and others are waived.

Meanwhile, since February, Woori Bank has signed special guarantee agreements with Seoul City, Incheon City, Jeollabuk-do Province, and the Korea Credit Guarantee Foundation to provide various financial support measures to COVID-19 affected companies temporarily experiencing funding shortages.

A Woori Bank official said, "We have prepared support measures to help small enterprises and small business owners in the Daejeon area who are expected to be affected by the spread of COVID-19," adding, "We plan to expand special contributions to Jeonbuk, Ulsan, and other regions to support small business owners suffering from economic recession and weakened consumer sentiment."

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