Woori Bank will launch a 'Recognized Store' project with the Korea Institute of Finance to help strengthen store competitiveness for micro self-employed business owners. It plans to identify business owners with growth potential, provide promotion and consulting, and help revitalise stores through customer-participation events.

Woori Bank said on Monday it will start the Recognized Store project from July 1 with the Korea Institute of Finance.

Recognized Store is a programme that supports 20 micro self-employed business owners who show a willingness to contribute to their local communities, selected from users of the Woori Smile Microfinance Foundation and members of the incorporated association Good Influence Store.

Selected stores will receive an official certification plaque and stickers to display at their premises. The programme will also support promotional costs for online marketing and provide opportunities for promotion using social media and press releases.

Tailored consulting will also be provided through professional consultants. Advice will be offered on overall business operations, and participants will be linked with mentor members of Good Influence Store.

Woori Bank plans to create a virtuous cycle in which customer visits and reviews lead to store promotion and higher sales, and growing stores take part in talent donations, sharing donations and volunteer activities in local communities.

Jae-beom Cha (차재범), deputy head of Woori Bank's ESG Co-prosperity Finance Department, said, "We hope this will help strengthen micro self-employed business owners' ability to stand on their own and spread positive influence in local communities."