KakaoBank Signs Business Agreement with Gyeonggi Credit Guarantee Foundation to Support Small Business Owners

Special Contribution of 8.5 Billion KRW Enables 127.5 Billion KRW Guarantee Agreement
Win-Win Guarantee Loan of Up to 100 Million KRW to Launch in August
"Leading the Way in Supporting Local Small Business Owners"

▲ Yoon Hoyoung, CEO of KakaoBank (right), and Si Seokjung, Chairman of Gyeonggi Credit Guarantee Foundation (left), are posing for a commemorative photo at the 'Gyeonggi-do Win-Win Guarantee Business Agreement Ceremony' held on the 22nd at KakaoBank Pangyo Office in Seongnam-si, Gyeonggi-do. Provided by KakaoBank.

On July 23, KakaoBank announced that it had signed a special contribution business agreement with the Gyeonggi Credit Guarantee Foundation to provide financial support for small business owners in the Gyeonggi-do region.

The 'Gyeonggi-do Win-Win Guarantee Business Agreement Ceremony' was held on July 22 at the KakaoBank Pangyo Office in Seongnam-si, with Yoon Hoyoung, CEO of KakaoBank, and Si Seokjung, Chairman of the Gyeonggi Credit Guarantee Foundation, in attendance.

Through this agreement, KakaoBank will make a special contribution of 8.5 billion KRW to the Gyeonggi Credit Guarantee Foundation, which will use these funds to launch a KakaoBank Win-Win Guarantee Loan product worth 127.5 billion KRW in August.

The support is targeted at sole proprietors with business locations in Gyeonggi-do, with a maximum loan limit of 100 million KRW. Applications can be submitted non-face-to-face via the Gyeonggi Credit Guarantee Foundation app 'E-Zone,' or by visiting a Gyeonggi Credit Guarantee Foundation branch in person.

A benefit of covering half of the guarantee fee is also available. Since launching guarantee-backed loans in May 2023, KakaoBank has continuously supported half of the guarantee fees, paying a total of 20.4 billion KRW in guarantee fees on behalf of customers as of the end of June. New customers who sign up for this guarantee-backed loan product can also receive a guarantee fee reduction benefit of up to 300,000 KRW.

KakaoBank has taken its first step in providing financial support to small business owners in Gyeonggi-do through this agreement with the Gyeonggi Credit Guarantee Foundation. The company plans to continue launching various products and services for sole proprietors in Gyeonggi-do, aiming to ease the financial burden on local small business owners and contribute to revitalizing the regional economy.

Over the past two years, KakaoBank has signed agreements with most regional credit guarantee foundations across the country, including those in Seoul, Busan, Gwangju, and Chungbuk, offering a variety of guarantee-backed loan products. In April last year, it became the first internet-only bank to launch a non-face-to-face interest subsidy product, and in March this year, it was the first in the financial sector to introduce a guarantee-backed loan in the form of a revolving credit line, leading the way in supporting small business owners through innovative financial technology.

KakaoBank stated, "We developed this product to support small business owners in the Gyeonggi region, where KakaoBank is located," adding, "We will continue to do our best to ensure that more small business owners can benefit through technological advancement and the expansion of partnership regions."

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