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Finance

Woori Financial supplies 34.7 trillion won in productive, inclusive finance over a year, expands SME and regional share

Woori Financial Group supplied 34.7 trillion won in productive and inclusive finance over a year under its Future Shared Growth Project launched in September last year. It expanded funding to small and medium-sized firms and regional businesses, while increasing support for vulnerable groups through measures such as long-overdue debt write-offs. The group said it reviewed performance and next year’s plans at a financial council meeting chaired by Chairman Lim Jong-ryong.

Finance

Banks vary in how they use SCB to assess small business loans

South Korean banks have begun piloting Small Business-specialised Credit Evaluation (SCB), which adds business growth potential such as sales, industry and commercial area to traditional credit assessment. Banks are using SCB in different ways, including overriding internal grades to improve approval odds and offering higher loan limits or broader support. A high SCB grade does not guarantee approval if other risk factors exist. Regulators allow use for approvals, limits and rates, while standards vary by bank.

Finance

Saemaul Geumgo expands policy finance supply, provides 217 billion won in first half

Saemaul Geumgo supplied a total of 217 billion won in policy funds in the first half of this year through sunshine loans, local government partnership loans and small business loans. Saemaul Geumgo Central Association said the total was led by local government partnership lending at 163 billion won, followed by sunshine loans of 38 billion won and small business loans of 16 billion won. Product rates were about 2 to 6 percent.