Yoon Jong-won Embarks on 'On-Site Visits'... Visits Companies Affected by COVID-19

Visited Gyeongju and Ulsan Disaster-Affected Companies... Listened to Challenges and Promised Financial Support through SME Representatives Meeting

[Asia Economy Reporter Kwon Haeyoung] Yoon Jong-won, President of IBK Industrial Bank of Korea, has embarked on an on-site visit to provide customized financial support to small and medium-sized enterprises (SMEs) struggling due to COVID-19.

On the 13th, IBK announced that President Yoon visited Gyeongju and Ulsan to meet with client companies affected by COVID-19 and held meetings with representatives of nearby SMEs.

The place Yoon visited was S&B, an automotive seat manufacturer located in Gyeongju. The automotive industry is a key sector currently facing production difficulties due to disruptions in raw material supply from China. President Yoon toured the production site, listened to management challenges, and provided guidance on the special financial support IBK offers to companies affected by COVID-19.

In Ulsan, he held meetings with SME representatives who have suffered from decreased sales and worsened operations due to domestic demand contraction, as well as production delays and payment delays caused by export-import disruptions with China. Representatives from eight companies in Ulsan, Busan, Yangsan, and other areas attended the meeting to report their damage situations and request necessary financial support.

At the meeting, President Yoon said, "According to survey results, one out of three SMEs is directly impacted in their management, which shows how difficult the situation is," adding, "We will do our utmost to provide financial support so that these difficulties can be overcome." He continued, "We will carefully review the issues raised at the meeting and provide customized financial support," and "If necessary, we will also communicate with the government and related institutions to help lead to policy formulation."

IBK is providing special low-interest funds, loan maturity extensions, and letter of credit maturity extensions as special financial support to companies affected by COVID-19. Additionally, since the 4th, IBK has been operating a 'Financial Difficulty Consultation Desk' at branches nationwide to counsel and resolve financial difficulties of affected companies.

President Yoon visited Ulsan Central Branch and Eonyang Branch, shared lunch with employees from Ulsan and nearby areas to hear voices from the sales field, and urged proactive and preemptive attention and support for client companies.

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