Business Agreement Signed with Incheon City and Incheon Credit Guarantee Foundation
for 'Modu Nanum Account Financial Support'
Kakao Bank signed a business agreement on June 26 with Incheon City and the Incheon Credit Guarantee Foundation for the 'Modu Nanum Account Financial Support' program, aimed at supporting small business owners in the Incheon area. Yoon Hoyoung, CEO of Kakao Bank, Yoo Jungbok, Mayor of Incheon, and Jeon Moosu, Chairman of the Incheon Credit Guarantee Foundation, attended the signing ceremony.
This account is the first non-face-to-face guarantee loan in the financial sector to be implemented in the form of an overdraft account by Kakao Bank. According to Kakao Bank, customers can borrow and repay funds as needed within the initially approved period and limit, which helps save both time and costs.
Through this agreement, Kakao Bank plans to provide the 'Modu Nanum Account' with a total limit of 40 billion KRW. The Modu Nanum Account is a program supported solely by Kakao Bank, and eligibility is limited to self-employed business owners who have operated a business in Incheon for more than one year and have a representative credit score of 745 points or higher (based on NICE standards). The maximum loan limit per business is 20 million KRW, and applications can be submitted via the Kakao Bank application (app) starting on June 30.
Yoon Hoyoung, CEO of Kakao Bank (right), is taking a commemorative photo with Yoo Jungbok, Mayor of Incheon (center), and Jeon Moosu, Chairman of Incheon Credit Guarantee Foundation (left), at the 'Incheon Small Business Win-Win Special Guarantee Business Agreement Ceremony' held at the mid-sized company 'ODA Technology' located in Bupyeong, Incheon. Kakao Bank
New customers who open a Modu Nanum Account are also eligible to receive support for half of the guarantee fee, up to a maximum of 300,000 KRW. Since launching guarantee loans in May 2023, Kakao Bank has continuously provided 50% support for guarantee fees, and customers of the Modu Nanum Account will also be eligible for this benefit.
Kakao Bank will also make a special contribution of 1 billion KRW to the Incheon Credit Guarantee Foundation to help address the population crisis. The foundation will use this special contribution as funding to provide 15 billion KRW in guarantee support under the agreement.
Kakao Bank plans to expand the non-face-to-face guarantee loan product in the form of an overdraft account to other regions, including the Daegu, Chungnam, and Chungbuk Credit Guarantee Foundations.
Kakao Bank stated, "We participated in this business agreement to help alleviate the financial difficulties of small business owners in the Incheon area who are facing management challenges. We will continue to expand into more regions and improve our products so that even more sole proprietors can conveniently use our services in the future."
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