KakaoBank, in partnership with the Seoul Credit Guarantee Foundation, is launching its fourth 'Safe Account' program, allowing small businesses in Seoul to borrow up to 20 million won.
The program will begin on September 3, as announced by KakaoBank on September 2.
The Safe Account is a non-face-to-face loan backed by a guarantee, first introduced by KakaoBank and the Seoul city government in March of last year.
KakaoBank has participated in all four phases of the Safe Account program. Through the first three phases, approximately 60,000 small businesses received a total of 600 billion won in loans, with 310 billion won disbursed through KakaoBank.
In this fourth phase, the loan limit has been increased from the previous maximum of 10 million won to 20 million won. The total funding available has also expanded from 200 billion won to 300 billion won. Existing users of the Safe Account from phases one to three can apply for additional loans if they meet the criteria.
Eligible applicants are self-employed individuals who have operated a business in Seoul for at least one year. They must have a credit score of 600 or higher according to NICE standards and either total sales of at least 2 million won in the last three months or reported sales of at least 10 million won in the past year.
Applications can be submitted starting September 3 via the Seoul Credit Guarantee Foundation's mobile app. After receiving a guarantee approval, applicants can execute the loan through the KakaoBank app.
A KakaoBank representative stated, "Through the Safe Account program, we have alleviated the financial burden on small businesses in Seoul. We will continue to expand financial services that support stable operations for individual entrepreneurs."
* This article has been translated by AI.
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