Naver Pay is collaborating with Hana Bank and the Seoul Credit Guarantee Foundation to support funding for small businesses and young entrepreneurs in Seoul.
On October 5, Naver Pay announced that it has signed a cooperative agreement with Hana Bank and the Seoul Credit Guarantee Foundation to enhance financial accessibility for small businesses in the night economy and to revitalize alley economies.
Under the agreement, Naver Pay, Naver, and Hana Bank will make a special contribution of 5.5 billion won to the Seoul Credit Guarantee Foundation. Based on this, the foundation plans to provide a total of 68.75 billion won in credit guarantees.
Hana Bank will offer guaranteed loans based on the guarantees issued by the foundation. Naver Pay will support the digital transformation of small business stores by distributing 'Npay Connect' terminals.
The support targets small businesses located in Seoul. Business owners in the 'Seoul Night Market' designated by the city, young entrepreneurs within seven years of starting their business, and those who install Npay Connect terminals will be eligible for a preferential guarantee limit of up to 130% of the existing guarantee limit.
The special guarantee limit is set at a maximum of 100 million won per business, with a guarantee period of up to five years. The eligibility for support and the guarantee and loan limits will be determined through assessments by the Seoul Credit Guarantee Foundation and Hana Bank.
Park Sang-jin, CEO of Naver Pay, stated, "We will continue to expand our cooperative model to support the stable operation and growth of small businesses."
* This article has been translated by AI.
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