K Bank Expands Financial Support for Small Business Owners in Incheon

Signed "Business Agreement for Financial Support for SMEs and Small Business Owners through Special Contribution" with Incheon Metropolitan Government and Incheon Shinbo
Choi Woohyung, CEO of K Bank: "We will continue to expand financial support for local small business owners and practice mutually beneficial finance"

▲ Choi Woohyung, CEO of K Bank (first on the right), is taking a commemorative photo with Yoo Jungbok, Mayor of Incheon, and Jeon Moosu, Chairman of Incheon Credit Guarantee Foundation, at a signing ceremony held at a local small and medium-sized enterprise in Bupyeong-gu, Incheon, on the 26th. Provided by K Bank.

K Bank is expanding financial support for small and medium-sized enterprises (SMEs) and small business owners in the Incheon area through collaboration with the Incheon Metropolitan Government and the Incheon Credit Guarantee Foundation (Incheon Shinbo).

On the 26th, K Bank announced that it had signed a "Business Agreement for Financial Support for SMEs and Small Business Owners through K Bank Special Contribution" with the Incheon Metropolitan Government and Incheon Shinbo. The signing ceremony was held at a local SME in Bupyeong-gu, Incheon, and was attended by Yoo Jungbok, Mayor of Incheon, Choi Woohyung, CEO of K Bank, and Jeon Moosu, Chairman of Incheon Shinbo.

This agreement ceremony was held as part of the "Emergency Measures for Stabilizing the Livelihood Economy" announced by the Incheon Metropolitan Government on June 24. K Bank and Incheon Shinbo plan to launch guaranteed loans for small business owners in Incheon within this year, which will be available through the K Bank app or Incheon Shinbo branches.

Under this agreement, K Bank will make a special contribution of 3 billion won to Incheon Shinbo. Incheon Shinbo, in turn, will use these funds as guarantee resources to provide 45 billion won in credit guarantees for small business owners.

Previously, in March of this year, K Bank launched a guaranteed loan product for SMEs and small business owners in partnership with Incheon Shinbo to strengthen financial support for those facing management difficulties in Incheon. After confirming high demand from SMEs and small business owners following the launch, K Bank entered into this new agreement to introduce additional guaranteed loan products.

Since last year, starting with an agreement with the Busan Credit Guarantee Foundation, K Bank has expanded its collaboration with major regional credit guarantee foundations nationwide, including Seoul and Daegu. This year, K Bank has continued to sign agreements with regional credit guarantee foundations in North Gyeongsang, South Gyeongsang, Daejeon, North Chungcheong, South Chungcheong, and Sejong, consecutively launching guaranteed loan products in these areas. K Bank plans to continue expanding agreements with regional credit guarantee foundations to further increase the number of regions where these products are available.

Meanwhile, as part of its loan offerings for small business owners, K Bank was the first internet bank in May 2022 to launch "Sajangnim Guarantee Loan," a guaranteed loan for sole proprietors. In September of the same year, it introduced "Sajangnim Credit Loan" with a maximum limit of 100 million won. In August last year, K Bank became the first in the banking sector to launch "Sajangnim Real Estate Secured Loan," a non-face-to-face real estate secured loan for sole proprietors, thereby expanding its product lineup for small business owners.

Choi Woohyung, CEO of K Bank, stated, "It is meaningful for us to expand practical financial support that can alleviate the difficulties of small business owners in the Incheon area. We will continue to broaden our support to various regions so that K Bank's growth directly contributes to the growth of local small business owners, realizing mutually beneficial finance."