Baemin Expands Partnership Guarantee Loan Support for Small Business Owners in Gyeonggi and Gangwon Regions

150 Billion Won Allocated for Gyeonggi, 30 Billion Won for Gangwon
Over 22 Billion Won in Loans Provided to More Than 2,200 Small Business Owners So Far

Baemin is expanding its partnership guarantee loan support program for small business owners to include the Gyeonggi and Gangwon regions.

On December 16, Woowa Brothers, the operator of Baemin, announced that it will newly implement a partnership guarantee loan support program for small business owners in Gyeonggi and Gangwon. In Gangwon, the company plans to provide support worth 3 billion won starting in January next year. Previously, at the end of last month, the support in Gyeonggi was expanded to 15 billion won.

In January of this year, Woowa Brothers signed a financial business agreement with KakaoBank and regional credit guarantee foundations for a partnership guarantee loan program worth 100 billion won, providing loan guarantees to small business owners, including restaurant operators. Woowa Brothers and KakaoBank are each contributing 3.5 billion won, totaling 7 billion won as guarantee funds, and the regional credit guarantee foundations issue guarantees to small business owners based on these funds.

This year, loan applications have already closed in Seoul, Incheon, Busan, Daegu, Ulsan, Sejong, Chungnam, and Chungbuk, while the partnership guarantee loan support program is still ongoing in Jeju, Gyeongnam, Gyeongbuk, Daejeon, Jeonnam, and Gwangju. In Gwangju, the initial 3 billion won in loan support, which began at the end of January, was exhausted within four months, so an additional 3 billion won will be provided by the end of this month.

In 2023, Woowa Brothers also collaborated with KB Kookmin Bank and the Korea Federation of Credit Guarantee Foundations to launch a 105 billion won guarantee loan product to support small business owners. To date, more than 5,200 small business owners have benefited from the partnership guarantee loan program, with over 170 billion won in loans executed.

Lee Kisung, President of the Gwangju Metropolitan City Small Business Association, stated, "With the economic downturn and shrinking consumption, small business owners are suffering from sluggish sales and financial pressures. The Baemin mutual growth loan is an important support measure that can help alleviate their difficulties," adding, "It is expected to provide practical assistance in stabilizing the businesses of small business owners with limited access to financial services."

Kim Junghyun, Head of the Sustainability Management Center at Woowa Brothers, said, "We hope that Baemin's partnership guarantee loan program not only contributes to mutual growth with local communities, but also serves as a strong support for small business owners in the struggling restaurant and traditional market sectors."