Shinyong Bojeung Gigeum Launches 'E-commerce Business Guarantee' Up to 100 Million KRW

Naver Smart Store Entry Specialized Products for Individual Entrepreneurs
Alternative Evaluation and Non-Face-to-Face Platform Process Offering Differentiated Services

On the 27th, the Korea Credit Guarantee Fund launched the ‘E-commerce Business Guarantee.’ The ‘E-commerce Business Guarantee’ targets e-commerce companies with a high proportion of online business activities based on data, digital, and platform technologies. On March 21, the Korea Credit Guarantee Fund, Naver Financial, and IBK Industrial Bank signed a business agreement and have been focusing on developing innovative e-commerce products by combining the three companies’ innovative technologies.

The support target is individual businesses that have operated on Naver Smart Store for more than six months. Including the existing guarantee balance used with the Korea Credit Guarantee Fund, businesses can apply for working capital guarantees up to 100 million KRW and receive loans through IBK Industrial Bank. Preferential benefits such as a 90% guarantee ratio, a reduction in guarantee fees (up to 0.3%), and up to 8 years of installment repayment are also provided.

By applying an alternative evaluation model that utilizes various dynamic information such as payment trends within the platform, repurchase order volume, and return rates, it is expected to help resolve financial difficulties for e-commerce operators who had difficulty obtaining credit approval due to a lack of financial history. Additionally, non-face-to-face investigations using video interviews and the integration of multiple institutions’ operations centered on the platform are expected to greatly enhance customer convenience.

Companies wishing to apply can check their eligibility on the ‘Naver Business Center’ without directly visiting the Korea Credit Guarantee Fund or IBK Industrial Bank. Afterwards, the entire process from guarantee and loan application, document submission, review, to contract can be completed non-face-to-face and in a one-stop manner through the connected IBK Industrial Bank platform.