[Infostock Daily=Reporter Lee Ji-sun] Naver Financial will provide a 'loan ladder' to online small business owners (SME) who have difficulty lending to Woori Bank and the primary financial sector.
Naver Financial said on the 24th that it has signed a business agreement with Woori Bank for 'inclusive financial support for small businesses'.
At the signing ceremony held at Woori Bank's headquarters in Jung-gu, Seoul, Naver Financial CEO Choi In-hyuk, Woori Bank President Kwon Kwang-seok and other key officials promised to develop and provide financial products and services for funding small businesses by utilizing the two companies'technology and financial know-how.
The two companies will first introduce loan services for SMEs in Naver Smart Store in the first half of the year.
Online SMEs do not have collateral or offline stores, making it difficult for them to even receive loan counseling in the primary financial sector, and most of them receive loans or high-interest loan services from the secondary financial sector.
In response, the two companies plan to provide the first unsecured credit loan service in the first financial sector to online SMEs deemed capable of repayment.
Naver Financial has set up a 'loan ladder' for online SME with the agreement with Woori Bank. If it provided relatively low interest rates and high loan limits to thin filer operators who had difficulty in financing due to lack of financial history through 'Mirae Asset Capital Smart Store Operator Loan,' which was launched with Mirae Asset Capital in December last year, it will be able to provide funding services in the primary financial sector through Woori Bank to operators with stable business growth.
Woori Bank has supported SME by signing 'inclusive financial agreements' with major small business associations such as the Korea Federation of Food Industry and the Korea Federation of Beauty Society, providing financial support programs such as small business secondary preservation loans for SMEs affected by COVID 19. It is expected to create synergy with Naver Financial, which supported the growth of SME with financial services based on IT technology such as alternative credit evaluation systems using non-financial data.
In the future, the two companies plan to use non-financial data to further expand the number of loans.
"We will be able to provide funding services from the primary financial sector to businesses that operate businesses stably among SMEs operating in Naver Smart Store," said Choi In-hyuk, CEO of Naver Financial. "In the future, Naver Financial's technical know-how and Woori Bank's financial know-how will create synergy to help more SMEs grow their business with financial support.".
Reporter Lee Ji-sun stockmk2020@gmail.com
