IBK, Korea Federation of SMEs Sign Business Agreement to Support Small Business Financing Amid COVID-19 Recovery

Yoon Jong-won, President of IBK Industrial Bank of Korea (left), is taking a commemorative photo on the 21st after signing a business agreement with the Korea Federation of Small and Medium Business to provide financial support for small businesses and self-employed individuals to overcome the COVID-19 crisis.

[Asia Economy Reporter Haeyoung Kwon] IBK Industrial Bank of Korea signed a "Financial Support Agreement for Small Businesses and Small Merchants to Overcome the COVID-19 Crisis" with the Korea Federation of SMEs on the 21st.

Under this agreement, IBK will provide a total of 150 billion KRW in agreement loans, funded by 100 billion KRW entrusted by the Korea Federation of SMEs.

The loan targets are small businesses and small merchants who are members of the Yellow Umbrella Mutual Aid and have been affected by COVID-19. IBK will automatically reduce the loan interest rate by 0.75 percentage points and offer additional reductions based on transaction contribution and credit rating. The loan limit is up to 100 million KRW, determined by the bank's screening. Loan applications are available from the 21st at IBK branches.

An IBK official stated, "We hope this will help small businesses and small merchants who are unexpectedly struggling due to the spread of COVID-19 and serve as a foundation for overcoming this national crisis."

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