<기사제목>SME Central Association and IBK Industrial Bank Sign Agreement on Financial Support for Small Businesses and Microenterprises
Kim Ki-moon, President of the Korea Federation of SMEs (right), and Yoon Jong-won, President of IBK Industrial Bank, are posing for a commemorative photo at the 'Financial Support Agreement Ceremony for Small Businesses and Small Merchants' held on the 21st at the Korea Federation of SMEs in Yeouido, Seoul.
View original image[Asia Economy Reporter Kim Daeseop] The Korea Federation of Small and Medium Business (Kbiz) announced on the 21st that it has signed a financial support agreement for small businesses and small merchants to overcome the COVID-19 crisis with IBK Industrial Bank of Korea.
The financial support agreement ceremony for small businesses and small merchants was held at the Kbiz headquarters in Yeouido, Seoul. Through this agreement, Kbiz will deposit 100 billion KRW with IBK. IBK plans to use this fund to provide loans totaling 150 billion KRW.
Small businesses and small merchants who are members of the 'Noran Usan' and have been affected by COVID-19 can inquire about and apply for loans at IBK branches starting today.
'Noran Usan' is a public mutual aid system operated under Article 115 of the Small and Medium Enterprise Cooperative Act to help small businesses and small merchants secure livelihood stability and provide opportunities for business recovery from risks such as closure, old age, or death.
IBK plans to reduce the loan interest rate by 0.75 percentage points. Additional reductions by the IBK branch manager are possible depending on transaction contribution and credit rating. The loan limit will be determined up to a maximum of 100 million KRW based on the bank's credit screening.
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Kim Gi-moon, Chairman of Kbiz, said, "We hope that the financial support through this agreement will serve as a foundation for overcoming the difficulties faced by small businesses and small merchants affected by COVID-19 and for their sustainable growth," adding, "We will expand financial support for small businesses and small merchants through close cooperation with IBK."
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