Yoon Jong-won Visits Sihwa Industrial Complex...Listening to Small and Medium Enterprises' Opinions on 'COVID-19 Financial Difficulties'

[Asia Economy Reporter Haeyoung Kwon] Yoon Jong-won, President of IBK Industrial Bank of Korea, visited the Sihwa Industrial Complex to listen to the opinions of small and medium-sized enterprises (SMEs) struggling due to the novel coronavirus disease (COVID-19).

On the 17th, President Yoon visited Hutech Engineering, a metal cutting machine manufacturer.

This company’s main export trading partner is China, and recently, due to COVID-19, payment for delivered goods has been delayed, causing cash flow difficulties. Accordingly, IBK provided special support funds of 800 million KRW to help resolve the temporary liquidity issues.

The CEO of Hutech Engineering said, "Although there were management difficulties due to delayed export payments, we were able to overcome the crisis by promptly receiving low-interest special funds."

President Yoon also met with employees in the Sihwa vicinity to hear voices from the sales field and urged active financial support for small business owners and micro-enterprises.

President Yoon emphasized, "I visited the site to prepare practical support measures necessary for SMEs to overcome difficult times," adding, "We will continue to promote swift and effective support."

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