Incheon Port Authority and IBK Industrial Bank Operate 'Win-Win Fund' to Support Shipping and Logistics Companies

[Asia Economy Reporter Park Hyesook] Incheon Port Authority is establishing a 2 billion KRW Win-Win Growth Fund with IBK Industrial Bank of Korea to support small and medium-sized enterprises (SMEs) cooperating with Incheon Port that are struggling due to the impact of the novel coronavirus (COVID-19), and will begin full-scale operation from the 8th.

The Win-Win Growth Fund is a fund prepared to provide financial loans to shipping and logistics companies temporarily facing financial difficulties due to COVID-19. It alleviates interest burdens by automatically reducing a certain interest rate when SME partners apply for loans, using interest generated from the deposited funds.

The support targets SMEs located in the Incheon area engaged in shipping, port operations, or logistics services. It operates on a first-come, first-served basis until the full amount of 2 billion KRW is exhausted.

After screening by IBK Industrial Bank of Korea, loans of up to 500 million KRW per company will be provided, with a basic interest rate 0.75 percentage points lower than the market rate, and additional reductions based on the company's transaction contribution and credit rating.

Applicants can visit IBK Industrial Bank of Korea branches in the Incheon area for consultation.

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