Woori Bank said on Wednesday it will support the third round of the Seoul-style assured account programme for small merchants in Seoul, in cooperation with the Seoul Metropolitan Government and the Seoul Credit Guarantee Foundation.

The programme will be run on a total scale of 200 billion won. Its key feature is providing small merchants with remote overdraft loans of up to 10 million won. It aims to help secure liquidity for small merchants whose funding burdens have increased due to high interest rates and an economic slowdown.

Eligible applicants are sole proprietors who have been in business for more than 1 year, whose representative has a NICE credit score of at least 600, and who have recorded sales of at least 2 million won over the most recent 3 months or reported sales of at least 10 million won over the most recent 1 year.

The loan will be offered as a bullet repayment with a 1-year maturity, and can be extended up to 5 years after screening.

Guarantee applications can be made from Wednesday on the Seoul Credit Guarantee Foundation mobile app. After the guarantee is approved, applicants can apply for the loan remotely through Woori Bank's WooriWON Business Banking without visiting a branch. For the first 5 days of implementation, applications will be accepted on a five-day rotation based on the last digit of the applicant's birth year, and from March 26 applications will be accepted without restrictions.

Woori Bank will support 50 percent of the first-year guarantee fee to ease the burden of financial costs and will waive fees for unused overdraft limits.

It will also take part in the Small Merchant Strength Support Expo to be held at Dongdaemun Design Plaza from March 26 to 27, and plans to provide on-site consultation and finance and management consulting.

A Woori Bank official said the product is aimed at easing small merchants' financial burden and supporting stable management, and that it will continue to expand inclusive finance through cooperation with related agencies.