Woori Bank said on the 13th that it signed a business agreement with the Korea Credit Guarantee Fund (KODIT) for "financial support to expand productive finance in advanced strategic industries."
The goal is to supply funds to small and midsize enterprises whose growth potential is weakening. Under the agreement, Woori Bank will make a special contribution of 6 billion won to KODIT and provide about 230 billion won in loans going forward. It also plans to offer benefits such as raising the guarantee coverage ratio (85%→100%) and cutting the guarantee fee rate (by 0.5 percentage point) to "companies engaged in new growth engine industries, venture companies, and export and overseas expansion companies."
Woori Bank President Jeong Jin-wan said, "As part of the 'Woori Financial Future Co-growth Project,' a 80 trillion won initiative to shift toward productive finance and expand inclusive finance, Woori Bank seeks to support small and midsize enterprises in advanced strategic industries together with KODIT," and added, "We hope this cooperation will help small and midsize enterprises that are struggling to secure liquidity."