IBK, Special Financial Support for Companies Affected by Novel Coronavirus Implemented

[Asia Economy Reporter Kwon Haeyoung] IBK Industrial Bank announced on the 7th that it will provide special financial support such as special support funds and loan maturity extensions for small and medium-sized enterprises (SMEs) struggling due to the spread of the novel coronavirus infection.

The support targets SMEs that have suffered damage to their operations and sales due to the novel coronavirus, or are experiencing difficulties such as production disruptions and payment delays caused by delays in exports and imports to and from China.

To support the liquidity of affected companies, IBK will provide new special support funds and extend the maturity of loans or installment payments without requiring repayment. The maximum limit for the new special support funds is 500 million KRW per company, with a loan interest rate reduction of up to 1 percentage point. The total limit is 100 billion KRW.

Through special operations of export-import finance, IBK will reduce delayed interest on the purchase price of export bills and support maturity extensions for SMEs facing difficulties in settling import letters of credit.

Meanwhile, since the 4th, IBK has been operating a 'Financial Difficulty Consultation Desk' at branches nationwide to provide consultation and resolve financial difficulties for affected companies.

This content was produced with the assistance of AI translation services.