"Quickly on the Guarantee Loan App"... Financial Support for Small Business Owners, Even This?

[Asia Economy Reporter Kim Hyo-jin] Banks are stepping up various forms of financial support for small business owners based on collaboration with financial public institutions.

According to the banking sector on the 21st, Woori Bank recently partnered with the Korea Technology Finance Corporation to launch the 'Woori Technology Finance Corporation Non-face-to-face One-Click Guarantee Loan' exclusively for sole proprietors.

Woori Bank's guarantee loan is a product that supports up to 100 million KRW per case (maximum 300 million KRW) for sole proprietors issued a non-face-to-face guarantee by the Korea Technology Finance Corporation. It is secured by a 100% guarantee from the Korea Technology Finance Corporation, and the loan period is five years. Early repayment penalties are waived.

This product allows the entire process from application to execution to be conducted through Woori Bank's mobile banking app 'Woori WON Banking,' automatically reflecting customers' business information, income, and sales figures within the app, enhancing convenience for those who find it difficult to visit the bank.

Shinhan Bank signed a business agreement with Korea Credit Bureau (KCB) to develop a new product called 'Integrated Prepayment Loan' to support quick cash flow for sellers on online marketplaces.

Through this agreement, Shinhan Bank plans to launch the Integrated Prepayment Loan, which receives highly reliable and consistent online marketplace sales information from KCB in real-time, allowing sellers to pre-receive settlement payments from multiple online marketplaces at once.

Scheduled for release in December, the Integrated Prepayment Loan advances the payment of funds, which previously took over two months for online marketplace sellers, to the day after product delivery completion, supporting short-term liquidity for small business owners. The entire loan application, contract, and execution process can be handled non-face-to-face via the Shinhan SOL Biz app.

Management consulting support for small business owners is also actively being provided.

Shinhan Bank introduced a case of continuously supporting consulting by converting consulting education programs to non-face-to-face during the COVID-19 pandemic at the self-employed management consulting best practice presentation held yesterday through the Financial Supervisory Service's 'Social Live NOW.'

Woori Bank presented a case where sole proprietors who experienced a sharp decline in sales due to COVID-19 were successfully guided to switch their business type to online sales. NH Nonghyup Bank shared a case where they supported agricultural successors from startup consulting to market development after experiencing delivery suspension due to COVID-19.

Gwangju Bank introduced a case where comprehensive consulting, including tax and accounting management, marketing techniques, and special loans, was provided for busy sole proprietors handling multiple roles.