Woori Financial Group Donates 500 Million KRW to Support Small Businesses Affected by COVID-19

Emergency Living Funds and Store·Business Promotion Support

On the 27th, Woori Financial Group held a donation ceremony at the headquarters of the Community Chest of Korea located in Jung-gu, Seoul, for the 'COVID-19 Affected Small Business Support Project' and donated 500 million KRW to the Federation of Small Businesses. Sohn Tae-seung, Chairman of Woori Financial Group (center), Cho Heung-sik, Chairman of the Community Chest of Korea (left), and Oh Se-hee, Chairman of the Federation of Small Businesses, are posing for a commemorative photo after the donation ceremony.

[Asia Economy Reporter Jin-ho Kim] Woori Financial Group announced on the 28th that it has donated 500 million KRW to support small business owners affected by COVID-19.

The donation ceremony held the day before at the headquarters of the Community Chest of Korea located in Jung-gu, Seoul, was attended by Tae-seung Son, Chairman of Woori Financial Group, Hong-sik Jo, Chairman of the Community Chest of Korea, and Se-hee Oh, Chairman of the Korea Federation of Small and Medium Business.

The support targets small business owners who have experienced a significant decrease in sales compared to the previous year and have low income levels. Small business owners with examples of good deeds such as sharing, donations, and volunteering are given preference. Approximately 500 selected businesses will receive emergency living funds of 1 million KRW and promotional support for their stores and businesses through various Woori Financial Group channels. Applications will be accepted through the Korea Federation of Small and Medium Business website starting from mid-next month.

Chairman Son said, “We hope this will help small business owners struggling due to COVID-19 to not lose hope and overcome the crisis even a little.” He added, “Woori Financial Group will continue to fulfill its social responsibility in finance and expand ESG management that promotes coexistence with local communities.”

Meanwhile, Woori Financial has been leading efforts to support small business owners facing difficulties due to the spread of COVID-19. Starting with a prepaid meal campaign at restaurants near its headquarters in April last year, it proactively carried out a ‘Good Consumption Campaign’ including the purchase of traditional market gift certificates worth 10 billion KRW to revitalize the local economy. It also held special exhibitions to support small business sales.