Woori Bank said on March 18 it will launch 'Woori Boss Loan (Refinancing)', a refinancing loan product for sole proprietors, to ease small merchants' financing cost burdens and practise inclusive finance.

With the launch of the product, Woori Bank will provide tailored preferential interest rates. It said there is no limit on the loan amount, while non-face-to-face applications are available for up to 100 million won. It is also possible to refinance an existing loan and apply for an increased limit.

Applications can be made at branches or through Woori Bank's mobile app, WooriWON Corporate Banking. Borrowers can also apply via loan comparison services on partner platforms such as Naver Pay, Kakao Pay and Toss.

Ahead of the launch, Woori Bank carried out a beta test on March 12 to check service stability and user convenience. Actual sole proprietors took part, reviewing the loan comparison and refinancing procedures. The bank said it confirmed high convenience in allowing users to compare loan terms from multiple financial institutions at once and complete a loan transfer non-face-to-face.

The bank will also run an event to coincide with the launch. It will give 1,000 won in Naver Pay (Npay) points to the first 2,000 people who use the loan transfer service to view personal business credit loans from other financial institutions. It also plans to select 100 customers who complete refinancing to Woori Bank and provide Shinsegae gift certificates worth 50,000 won.

Joon-seok Park (박준석), head of Woori Bank's SOHO business department, said he hopes the product launch will help ease the real financing cost burden for small merchants struggling with high-interest loans. He said the bank will continue expanding inclusive finance support for small merchants.