Woori Bank to Provide Up to 30 Million Won in Operating Funds for Small Businesses in Busan

Woori Bank will provide operating funds of up to 30 million won per business to small business owners in the Busan area. With interest support from Busan Metropolitan City, borrowers will be able to access these funds at an interest rate in the 1% range for the first year.

On September 18, Woori Bank announced that it has signed a 'Livelihood Relief Agreement Guarantee Financial Business Agreement' with Busan Metropolitan City and the Busan Credit Guarantee Foundation to support operating funds for small businesses in Busan. This agreement is part of "Livelihood 112," a comprehensive financial support project spearheaded by Busan Metropolitan City. Five financial institutions, including Woori Bank, will participate to provide a total of 700 billion won in guaranteed loans, including both new and refinancing guarantees.

Woori Bank will support up to 30 million won in operating funds per business for small business owners in the Busan region. Busan Metropolitan City will subsidize the interest by 4.0 percentage points for the first year and by 2.0 percentage points thereafter, thereby reducing the financial burden on small business owners. Thus, borrowers can access funds at interest rates in the 1% range during the first year.

The loan term is five years. Borrowers can choose between equal principal repayment over 60 months or a one-year grace period followed by equal principal repayment over the next four years. Eligible recipients are small business owners who have been operating for at least three months after registering their business in Busan, with a representative's NICE credit score of 710 or higher or a KCB credit score of 620 or higher.

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