LG Sangsa and IBK Industrial Bank Support Small and Medium Enterprises' Overseas Expansion

Min Byung-il, CFO of LG Sangsa (third from left), and Seo Jeong-hak, Vice President of IBK Industrial Bank of Korea CIB Group (third from right), are posing for a commemorative photo after signing the 'Global-K Co-Growth Program Agreement' on the 10th at the IBK Industrial Bank of Korea headquarters in Jung-gu, Seoul. (Photo by LG Sangsa)

[Asia Economy Reporter Kim Ji-hee] LG Sangsa is joining forces with financial institutions to help domestic promising small and medium-sized enterprises (SMEs) open new avenues in overseas export markets through a growth support specialized program that includes preferential interest rate loans.

On the 10th, LG Sangsa announced that it signed the ‘Global-K Co-Growth Program Agreement’ with IBK Industrial Bank of Korea to jointly support SMEs and create jobs. The support targets promising domestic SMEs and startups facing difficulties in expanding overseas.

For this agreement, LG Sangsa deposited 20 billion KRW interest-free with IBK Industrial Bank of Korea, and the bank will provide loans up to 60 billion KRW to SMEs and others. In addition to financial support, both parties will offer comprehensive non-financial services typical of a general trading company, such as customized consulting and one-on-one mentoring, to ensure that the target companies receive practical management support.

An LG Sangsa official said, “Many domestic SMEs and promising startups with competitive advantages are struggling to expand their overseas markets after starting overseas expansion, and we hope this agreement will be helpful. Based on LG Sangsa’s accumulated overseas marketing capabilities, know-how, and business experience, we plan to provide generous support for co-growth with SMEs.”

Recently, LG Sangsa signed business agreements with the Korea Medical Devices Industry Cooperative, Korea Institute of Climate Change, and Korea International Trade Association to strengthen business competitiveness and discover new businesses. In particular, leveraging the strengths unique to a general trading company, such as new business planning capabilities and distribution and trading expertise, LG Sangsa is actively working to open overseas market channels and promote exports for SMEs and startups.

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