Woori financial group expands support for South Korean small businesses
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Im Jong-yong, Chairman of Woori Financial Group, urged his company to broaden financial support for small and medium-sized enterprises, particularly those located outside of major cities and with strong technological capabilities.
He made this statement while chairing the September Advanced Strategic Industry Finance Council in Seoul. Woori Financial Group aims to provide funding based on “productive finance”, investments and loans that drive economic growth, and inclusive finance, which targets customers facing financial hardship.
Through August, Woori Financial Group supplied 25.3 trillion won (approximately $18.6 billion USD) in productive finance. This included 1.5 trillion won in investments and 23.8 trillion won in loans. The company reports this performance exceeds their five-year goal for productive finance by 35.7% and achieves 116.3% of their annual target. Additionally, Woori Financial Group distributed 2.2 trillion won (approximately $1.6 billion USD) in inclusive finance through August.
This included 950 billion won in loans for low-income individuals, 790 billion won in mid-interest rate loans, and 430 billion won in loans for small business owners. During the council meeting, the group reviewed these financial initiatives and shared successful approaches.
