IBK Industrial Bank, Additional Special Loans for Companies Affected by COVID-19

[Asia Economy Reporter Kim Min-young] IBK Industrial Bank of Korea has decided to expand financial support for companies affected by the novel coronavirus infection (COVID-19).

On the 9th, IBK announced that it will increase the scale of the ‘Special Support for COVID-19 Affected Companies’ by 100 billion KRW and also increase the scale of the ‘Haenaeri Loan,’ a special support loan for small business owners, by 500 billion KRW.

Last month, IBK provided special support for small and medium-sized enterprises (SMEs) facing difficulties such as decreased sales and production disruptions due to COVID-19.

An IBK official stated, “The special support for COVID-19 affected companies, which started with a scale of 100 billion KRW on the 7th of last month, was exhausted in just over a month. We have decided to provide an additional 100 billion KRW to meet the financial needs of SMEs.”

The maximum limit for the special support funds is up to 500 million KRW per company, and loans are provided at low interest rates with reduced interest applied.

In response to the spread of COVID-19, IBK also operates a process that allows existing loans to be extended via internet and mobile banking without visiting branches.

Since last month, IBK plans to continuously operate a ‘Comprehensive Financial Difficulty Consultation Desk’ at branches nationwide to support companies affected by COVID-19.

An IBK official said, “We will continue to actively strive to resolve the financial difficulties of SMEs struggling due to COVID-19.”

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