Promising Small Business Owners to Get Higher Bank Loans... Pilot Program Launched in Banking Sector

Small business owners with high growth potential will now be able to secure higher loan limits from banks through specialized credit scoring (SCB).

Financial Services Commission (FSC) Chairman Lee Eok-hyun visited the Industrial Bank of Korea today (Sept. 2) to inspect the pilot operation of the SCB in the banking sector.

Previously, the FSC announced plans in April to introduce SCB, which evaluates the future growth potential of small business owners by utilizing non-financial information analyzing sales, business types, and commercial districts.

Last month, the FSC also established the "Banking Sector SCB Operation Guidelines," which set forth relevant regulations, credit screening guidelines for individual business loans, SCB utilization methods, and immunity provisions.

The number of participating banks in the pilot operation has expanded from the previous 7 banks (1.8 trillion won) to 16 banks (2.2 trillion won).

Starting from August 31, 8 banks (Kookmin, IBK, Nonghyup, Busan, Shinhan, Woori, Jeju, and Hana) launched the pilot operation, and the remaining banks are scheduled to join sequentially in the second half of the year.

The banking sector plans to grant various benefits to small business owners with high growth ratings, such as higher credit ratings, expanded loan limits, and lower loan interest rates.

During the meeting held today, credit transaction agreements were signed with eligible small business owners, who responded positively to the improved accessibility to bank loans.

The FSC expects that small business owners across a diverse range of industries will be able to benefit.

In fact, loan approvals and limit increases have been processed through preliminary loan screenings for coffee shops, online platform merchants, restaurants, and wholesale and retail businesses.

Chairman Lee stated, "SCB, which evaluates growth potential based on non-financial data that is difficult to reflect in traditional credit evaluation systems centered on financial transaction history, aligns with the objectives of inclusive finance," adding, "We will improve and supplement the system so that small business owners can be evaluated based on their growth potential and access the funds they need."

The FSC plans to apply the system across the entire banking sector after running a pilot operation until the second half of 2027.

It also plans to reflect SCB in the exclusive "Saitdol" loans for individual business owners to be launched this coming October and in the guarantee screenings of regional credit guarantee foundations next year.

(Photo: Provided by Yonhap News TV, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.