Metaverse and Robots... Woori Bank Launches Loan Products for Innovative Companies

Financial Performance, Preferential Treatment Based on Technical Skills Over Collateral
Also Provides Benefits for Reduced Principal Repayment Ratio

[Asia Economy Reporter Minwoo Lee] Woori Bank has prepared loan products for new growth innovative companies designated by the government, such as functional carbon materials, metaverse (extended virtual world), and intelligent service robots. The bank plans to provide funds more flexibly, moving away from financial support focused on financial performance and collateral.

On the 5th, Woori Bank announced the launch of a financial product for companies producing innovative growth items called 'Woori New Growth Engine Loan.' The standard is based on 296 items designated by the government through the 'Innovative Growth Joint Criteria.' This includes functional carbon materials, metaverse, smart mobility, and intelligent service robots.

The 'Woori New Growth Engine Loan' offers preferential benefits to companies with innovative technologies even if their financial performance or collateral capacity is somewhat insufficient. For companies with excellent technological capabilities, preferential limits will be applied to loans for purchasing business real estate regardless of whether they are located in industrial complexes. To reduce the initial principal repayment burden for newly established companies, the principal repayment ratio during the loan period has also been reduced. Additional interest rate benefits are provided depending on factors such as ▲new customers ▲technology grade ▲whether intellectual property collateral is provided.

A Woori Bank official said, "The Woori New Growth Engine Loan was planned to strengthen support for companies with growth potential in line with the government's small and medium-sized enterprise support policy amid the difficult situation of expanding economic uncertainties such as the three highs (high interest rates, high inflation, and high exchange rates)." He added, "We hope this will provide practical financial support to innovative growth companies going through tough times."