Woori Bank Launches "Seoul City Safe Account No. 4" to Ease Financial Burden for Small Business Owners

Woori Bank will participate in the “Seoul City Safe Account No. 4” program aimed at helping small business owners in Seoul secure operating funds and reduce financial costs.

On September 1, Woori Bank announced that it had signed a memorandum of understanding (MOU) for the “Seoul City Safe Account No. 4 Support Program” with the Seoul Metropolitan Government and the Seoul Credit Guarantee Foundation on August 31. The Safe Account is part of Seoul City’s “Small Business Support Project” and is designed as an overdraft-type loan that allows small business owners to access funds when needed. The total program size across all participating financial institutions is 300 billion won.

The eligibility criteria target individual business owners in Seoul who have been operating a business for at least one year and have a NICE credit score of 600 or higher. Applicants must also either have total sales of at least 2 million won over the most recent three months, or declare annual sales of at least 10 million won for the past year.

The maximum loan amount is 20 million won. The loan term is a one-year, lump-sum repayment at maturity, and, subject to approval, it can be renewed annually for up to five years.

Woori Bank will cover 50% of the initial guarantee fee payable by the customer when receiving a new loan and will waive unused credit line fees. Previously, Woori Bank also participated in the Safe Account programs No. 2 and No. 3.

Guarantee applications can be submitted through the Seoul Credit Guarantee Foundation mobile app starting at 9 a.m. on September 3. Once guarantee approval is granted, borrowers can apply for a loan via the “Woori WON Biz Banking” service without visiting a branch in person. During the initial five business days of implementation, eligibility will be staggered over five groups based on the last digit of the business owner's birth year.

Park Joonseok, Head of the SOHO Business Division at Woori Bank, said, "Small business owners need both readily accessible funds and support to ease their financial burdens. We will make sure that the Safe Account becomes a reliable source of operating capital for our customers."

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