Moms, pops can find loans on app from KB Kookmin
The platform, dubbed KB Bridge, searches a wide range of loans backed by over 400 state-run financial institutions, incorporating the latest technologies such as artificial intelligence and machine learning.
Yoon Suk-heun, head of the Financial Supervisory Service, attended a demonstration at the headquarters of the bank in Yeouido, western Seoul, and promised more financial support for the self-employed.
“Over 430 institutions run multiple support programs, but they often go unnoticed since the self-employed are too busy with their work to check them out,” Yun said.
He added that 70 percent of self-employed businesses involve only one owner, who is usually too busy keeping the operation going to search for financing.
KB Bridge provides a tailored list of loan services depending on borrowers’ needs. It can be used by non-KB Kookmin Bank customers.
Besides loan recommendations, the platform offers information on the locations of the institutions.
Hur Yin, president and chief executive of KB Kookmin Bank, said that the bank will keep updating its offerings on the platform.
KB’s initiative to help people who run businesses is in line with a government’s push to help them.
The Ministry of SMEs and Startups announced a plan to reduce the number of documents needed to request a loan guarantee from the Korea Federation of Credit Guarantee Foundations.
Major commercial banks often require state-backed financial guarantees when small business owners apply for a loan.
After the change, only two types of documents concerning general information about the borrower and a contract with a landlord are needed, compared to the previous eight.
BY PARK EUN-JEE [email@example.com]