Woowa Brothers, Up to 1.5 Billion KRW Loan Support for 'First Store Setup'

Recruitment of New Applicants for 'First My Store Setup Loan'

Baedal Minjok (hereinafter Baemin) operator Woowa Brothers announced on the 24th that they are recruiting applicants for the ‘First My Store Purchase Loan’ program. The First My Store Purchase Loan is a financial support program for self-employed restaurant owners launched in 2021 through a partnership between Baemin and KB Kookmin Bank. It was created for self-employed restaurant owners who want to purchase their own store instead of renting but have difficulty using commercial loan products due to low credit scores or lack of collateral. So far, recommendation letters have been issued to 44 restaurant owners.

Baemin is providing 5 billion KRW to operate the loan product, and KB Kookmin Bank is using this amount as seed money to offer loan products with preferential interest rates up to a limit of 50 billion KRW to self-employed restaurant owners. Additionally, Baemin provides collateral support for owners lacking personal collateral. Loans are available up to 1.5 billion KRW, covering up to 90% of the store purchase funds.

Eligibility requires self-employed restaurant owners who operate a rented store that has been open for more than 10 years based on the business registration certificate, with the business type specified as a restaurant. Applications can be made regardless of Baemin usage. Baemin issues recommendation letters to qualifying restaurant owners, after which KB Kookmin Bank conducts loan screening. Recommendation letters are valid for one year after issuance.

In addition to loan support, assistance for stable store operation will also be provided. Support will cover overall store management activities such as interior fixture design, store name, marketing, and menu consulting. Kwon Yong-gyu, Head of Business Growth Center at Woowa Brothers, said, “We launched the ‘First My Store Purchase Loan’ to help alleviate the difficulties faced by restaurant owners even a little.” He added, “We aim to provide practical support to restaurant owners who have operated their stores with passion and dedication for a long time, helping them escape unstable rental environments and establish a stable store management environment.”