"Daejeon President, 10 million won overdraft"...Kakao Bank joins hands with Daejeon Credit Guarantee Foundation

[Financial News] Kakao Bank announced on the 29th that it has signed a business agreement with the Daejeon Credit Guarantee Foundation for financial support for small business owners in the Daejeon area through the 'Coexistence Management Account Financial Support'. The Daejeon Coexistence Management Account is a non-face-to-face guaranteed loan product in the form of an overdraft account. It allows small business owners who need urgent funds to borrow and repay the required amount within the initial approval period and limit.
Kakao Bank held a 'Coexistence Management Account Financial Support' business agreement ceremony with Daejeon Credit Guarantee Foundation at the Pangyo Office in Gyeonggi on the 28th. Through this agreement, Kakao Bank plans to launch the 'Daejeon Coexistence Management Account' in June and supply a total of 30 billion won in loans to about 3,000 small business owners in the Daejeon area.
The support target is self-employed individuals who have been operating a business in Daejeon City for more than a year and have a representative credit score of 745 or higher (NICE standard), with a maximum loan limit of 10 million won per business owner. Applications can be made through the Kakao Bank app, and the entire loan process, including document submission and review, is conducted non-face-to-face.
There is also a benefit of supporting half of the guarantee fee. Since the launch of the guaranteed loan in May 2023, Kakao Bank has continuously supported half of the guarantee fee, and new customers who join the 'Daejeon Coexistence Management Account' product can also receive the benefit of reduced guarantee fees.
In March, Kakao Bank introduced the 'Seoul Safe Account', implementing the first non-face-to-face guaranteed loan in the form of an overdraft account in the financial sector. The 'Seoul Safe Account' gained great popularity based on non-face-to-face convenience and cost-saving benefits, with the total supply limit of 200 billion won being quickly exhausted in just 50 days after its launch.
Kakao Bank plans to continue launching non-face-to-face guaranteed loan products with various regional credit guarantee foundations nationwide. In June, it plans to introduce the 'Everyone Sharing Account' with the Incheon Credit Guarantee Foundation, with a scale of 30 billion won.
Kakao Bank stated, "We planned this product to alleviate the financial difficulties of small business owners in the Daejeon area and improve financial accessibility," adding, "We will continue to expand the types of products and the regions where they can be joined to support more individual business owners." (End)

mj@fnnews.com Park Mun-su Reporter