K Bank has introduced the 'Safe Account 4' to support small businesses.
On September 10, K Bank announced that it is accepting applications for the 'Safe Account 4,' a dedicated overdraft account for small businesses in Seoul, in collaboration with the Seoul Credit Guarantee Foundation.
The 'Safe Account' program, initiated by the city of Seoul, allows small businesses and individual entrepreneurs to manage their finances flexibly according to their cash flow. The total amount available for the new Safe Account 4 is set at 300 billion won.
The loan limit for Safe Account 4 has been increased to a maximum of 20 million won per individual, up from previous limits. The limit will vary based on factors such as existing balances in previous Safe Accounts, business duration, credit scores, and reported sales. Borrowers can freely deposit and withdraw within the limit, with an annual interest rate of approximately 5.12%.
Eligible applicants include small and medium-sized enterprises and small business owners based in Seoul who meet the following criteria: at least one year in operation, total sales of 2 million won or more in the last three months, or reported sales of 10 million won or more in the past year, and a personal credit score of 600 or higher (based on NICE standards).
Applications can be submitted through the Seoul Credit Guarantee Foundation's mobile app. After obtaining a guarantee approval, applicants can proceed with a non-face-to-face loan application via the K Bank app.
A K Bank representative stated, "We will take the lead in implementing inclusive finance for small businesses through close cooperation with the city of Seoul and the Seoul Credit Guarantee Foundation."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.