Shinhan and Woori Banks launch 300 billion won loan program for Seoul small businesses

Shinhan Bank and Woori Bank, in collaboration with the Seoul Metropolitan Government and the Seoul Credit Guarantee Foundation, are launching the ‘Seoul Ansim Account No. 4’ support project. The initiative provides a total of 300 billion won in non-face-to-face loans to small business owners in the Seoul area.

Eligible applicants must be individual business owners with a workplace in Seoul who have been in operation for at least one year. Requirements include a NICE credit score of 600 or higher and a minimum revenue of either 2 million won over the last three months or 10 million won in reported annual sales.

The loans are provided in a negative account (minus bankbook) format with a maximum limit of 20 million won. The initial term is one year, extendable annually for up to five years. To reduce financial burdens, the banks will support 50% of the initial guarantee fee and waive certain related fees, such as Shinhan Bank’s limit commitment fee and Woori Bank’s unused limit fee.

Applications begin on the 3rd via the Seoul Credit Guarantee Foundation mobile app. For the first five business days, a five-day rotation system based on the last digit of the representative’s birth year will be applied to manage demand.