K-SURE, Woori sign MOU to support SMEs’ overseas expansion

Korea Trade Insurance Corporation CI

Korea Trade Insurance Corporation (K-SURE) announced on Monday that it inked a memorandum of understanding (MOU) with Woori Bank at K-SURE’s headquarters in Jongno-gu, Seoul, to support small and medium-sized enterprises (SMEs) in their overseas market expansion.

Under the agreement, the two organizations will offer various benefits to companies in need of funding, including insurance premium discounts, preferential interest rates, and expanded support limits.

K-SURE will increase the support ratio to provide up to 90 percent of the total project cost in financial aid for eligible projects and offer up to 30 percent discounts on insurance premiums. For its part, Woori Bank will provide preferential interest rates of at least 0.5 percentage points on the related loans.

The two entities will also jointly cover up to 100 million won ($73,500) per project for costs related to assessing the business viability of export companies. K-SURE said it is currently reviewing potential support targets with Woori Bank and aims to support up to five projects within 2024.