Baemin to Refund Up to 80% of Guarantee Fees for Agreement-Backed Loans

Baemin-KB Kookmin Bank 'Agreement Guarantee Loan Program'
Guarantee Fee Refund for Low Credit Rating Small Business Owners

Delivery application Baedal Minjok (Baemin) will refund up to 80% of the guarantee fee for the agreement guarantee loan program to support small business owners in the food service industry.

Woowa Brothers, the operator of Baemin, announced on the 23rd that they will hold an event where small business owners can receive a refund of the guarantee fee for the agreement guarantee loan program guaranteed by Baemin to alleviate their financial burden. The target includes food service operators nationwide and small business owners located in traditional markets and Itaewon, who have been operating for more than six months as of the credit guarantee application date.

KB Kookmin Bank will refund up to 80% of the guarantee fee to low-credit food service and retail business owners through the event. Food service and retail business owners can receive a 70% refund. Other small business owners will receive a 60% refund of the guarantee fee. The average refunded guarantee fee is estimated to be around 250,000 KRW.

Applications for the guarantee fee refund event can be submitted via mobile on the event board of the Baemin Food Service Plaza website.

The agreement guarantee loan program operated by Woowa Brothers and KB Kookmin Bank was established to revitalize the food service industry and traditional markets. It allows small business owners who have difficulty obtaining loans due to low credit ratings or lack of collateral to receive loans. The total loan amount is 105 billion KRW, with a maximum guarantee limit of 100 million KRW and a maximum guarantee period of 5 years.

As of December last year, the loan guarantee amount of the agreement guarantee loan program reached 25 billion KRW. About 600 business owners applied within the first three months of the program's launch. A Woowa Brothers official said, "For owners who find it difficult to leave their stores, we operated a mobile application window in some areas, which received a great response."