IBK Industrial Bank Signs Agreement with Korea Industrial Complex Corporation to Support Companies Affected by COVID-19
[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank of Korea announced on the 13th that it has signed a ‘win-win growth business agreement for joint support of COVID-19 affected companies’ with the Korea Industrial Complex Corporation.
Under this agreement, the Korea Industrial Complex Corporation will deposit 10 billion KRW with IBK, and IBK will use this fund to provide a 20 billion KRW scale ‘win-win growth cooperative loan’.
The loan targets are small and medium-sized enterprises (SMEs) located in industrial complexes managed by the Korea Industrial Complex Corporation that have been affected by COVID-19. The loan limit is up to 500 million KRW per company.
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IBK will automatically reduce the loan interest rate by 0.65%p per annum and provide an additional reduction of up to 1.4%p per annum depending on the company’s credit rating and transaction contribution. An IBK official said, “We hope this will serve as a foundation for overcoming the crisis of SMEs and revitalizing the local economy.”
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