IBK, 140 Billion KRW Special Fund Support for R&D SMEs
[Asia Economy Reporter Kwon Haeyoung] IBK Industrial Bank of Korea announced on the 17th that it will provide special funds to research and development (R&D) performing companies struggling due to the novel coronavirus infection (COVID-19) in cooperation with the Small and Medium Business Technology Information Promotion Agency.
The maximum limit of the special support funds is 500 million KRW per company, with a preferential interest rate of 1 percentage point applied. The total limit is 140 billion KRW.
R&D performing companies are recommended by the Ministry of SMEs and Startups. Loan applications can be made through the Ministry of SMEs and Startups' Technology Development Project Integrated Management System.
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An IBK Industrial Bank of Korea official stated, "We have made a prompt decision to provide funds to overcome the COVID-19 crisis and alleviate the damage to small and medium enterprises," adding, "We will continue to do our best to enable SMEs to focus on research and development in a better environment."
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