Woori Bank Launches Ultra-Low Interest Loans for Small Businesses Affected by COVID-19

[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 1st that it has launched a loan product called 'Ultra-Low Interest Rate Secondary Interest Subsidy for Micro Small Business Owners' to provide financial support to small business owners struggling due to the novel coronavirus infection (COVID-19).

The support targets small business owners with an annual sales of 500 million KRW or less who have suffered direct or indirect damage from COVID-19 and have Woori Bank's own credit rating of 1 to 3 (BBB+ or higher). The credit loan limit is up to 30 million KRW, the loan period is within one year, and the applied interest rate is 1.5% per annum. Early repayment penalties are waived.

Meanwhile, to support loans such as the 'Ultra-Low Interest Rate Secondary Interest Subsidy for Micro Small Business Owners,' Woori Bank dispatched about 60 headquarters staff to 54 branches in the metropolitan area, where many small business owners affected by COVID-19 apply for loans, on the 30th of last month. One to two headquarters employees with extensive corporate loan experience were assigned to each branch.

A Woori Bank official said, "We hope that the ultra-low interest rate secondary interest subsidy loan will help micro small business owners who are struggling due to COVID-19 even a little," and added, "We will devise various support measures so that financial assistance can be received as quickly as possible for damages caused by the prolonged COVID-19 situation."