IBK, Lotte GRS Sign Win-Win Growth Agreement for Overcoming COVID-19 and Job Creation

[Asia Economy Reporter Haeyoung Kwon] IBK Industrial Bank signed a 'Mutual Growth Cooperation Agreement for Overcoming COVID-19 and Job Creation' with Lotte GRS on the 12th at IBK Finance Tower in Euljiro, Seoul.

According to this agreement, Lotte GRS will deposit 10 billion KRW interest-free with IBK Industrial Bank, which will use these funds to provide low-interest mutual growth cooperation loans worth 10 billion KRW.

The loan targets are small business owners and small to medium-sized enterprises affiliated with Lotte GRS who are struggling due to COVID-19. Borrowers will automatically receive a 1.75 percentage point reduction in loan interest rates. Depending on credit rating, a reduction of up to 3.15 percentage points is possible.

An IBK Industrial Bank official said, "We hope this will help small and medium-sized enterprises overcome the crisis caused by COVID-19 and contribute to job creation."

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