Woori Bank Launches 'Safe Account No. 4' - "Up to 20 Million Won in Loans for Seoul Small Businesses"

[Financial News] Woori Bank will take part in the 'Safe Account No. 4' program, which offers Seoul small businesses overdraft loans of up to 20 million won and helps ease the burden of guarantee fees and other charges. By joining the fourth round after Safe Account Nos. 2 and 3, the bank aims to improve cash flow for small businesses and support stable management.
On the 1st, Woori Bank said it signed a business agreement with Seoul Metropolitan City and the Seoul Credit Guarantee Foundation on the 31st of last month for the 'Seoul Safe Account No. 4 Support Project.' The program will be carried out with a combined 300 billion won from participating financial institutions and will provide overdraft loans of up to 20 million won.
Eligible applicants are sole proprietors in Seoul who have been in business for at least one year, have a NICE credit score of 600 or higher, and meet either of the following sales requirements: total sales of at least 2 million won over the past three months or reported sales of at least 10 million won over the past year. The loan has a one-year maturity and is repaid in a lump sum. After review, the term can be extended in one-year increments for up to five years.
The bank also reduced the costs that arise during actual use, in addition to providing funding. Woori Bank will cover 50% of the initial guarantee fee paid by customers when they take out a new loan and waive the unused credit line fee. The goal is to help small business owners use the funds they need more flexibly while easing their financial burden.
To make applications more convenient for small business owners who may find it difficult to visit a bank during busy business hours, the process has also been simplified. Guarantee applications will be available from 9 a.m. on the 3rd through the Seoul Credit Guarantee Foundation mobile app. After guarantee approval, customers can apply for a loan through Woori WON Corporate Banking without visiting a branch. During the first five business days of implementation, applications will be staggered by the last digit of the representative's birth year.
Meanwhile, Safe Account is a financial support program created as part of Seoul's 'Small Business Support Project' so that small business owners can withdraw and use funds whenever needed. The latest Safe Account No. 4 supply will add 300 billion won to the 200 billion won provided in the first half of the year. The maximum support limit has also been raised from 10 million won to 20 million won.

[email protected] Lee Hyun-jung Reporter