The program is part of Seoul’s “Small Business Support Project.” It aims to quickly provide online overdraft credit lines of up to 10 million won to small business owners facing heavier operating burdens amid high interest rates and a slowing economy. The bank said it expects the program to ease funding pressure, support business stability and expand help for very small firms with limited access to finance.
Eligible applicants are Seoul-based small business owners who have operated for more than one year, whose representative has a NICE credit score of at least 600, and who posted either at least 2 million won in combined sales over the past three months or at least 10 million won in reported sales over the past year. Loans are structured as one-year, lump-sum repayment products, with extensions of up to five years available after review.
For the first five days after launch, applications will be accepted under a five-day rotation based on the last digit of an applicant’s birth year. From March 26, applications will be accepted without restrictions. During the rotation period, guarantee application dates by last digit are: March 19 (1,6), March 20 (2,7), March 23 (3,8), March 24 (4,9) and March 25 (5,0).
To reduce financing costs, Woori Bank will cover 50% of the first-year guarantee fee and waive fees for unused overdraft limits.
“This Seoul-style Relief Account No. 3 program is designed to ease small business owners’ financial burden and support a real recovery in operations,” said Park Jun-seok, head of Woori Bank’s SOHO Business Department. He said the bank will continue working with Seoul and related agencies to strengthen inclusive finance and expand practical financial support and on-site consulting.
* This article has been translated by AI.
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