Woori Financial Group said June 17 it will loan 33 trillion won ($28 billion) over the next five years to innovative startups and small and medium-sized enterprises.
The planned lending comes as policymakers pledge to boost support for the private sector as part of their efforts to prop up the slowing economy.
This year, Woori Financial will lend 5.4 trillion won to smaller firms, which have faced difficulties obtaining financing, the company said in a statement.
Also, Woori Bank, the financial holding firm’s flagship bank, plans to raise 100 billion won next month to support innovative firms.
Woori Financial Chairman Sohn Tae-seung said the company will continue to play a key role in giving financial support to innovative firms.
By Ram Garikipati and newswires (firstname.lastname@example.org)