IBK Industrial Bank, 8 Trillion KRW Special Chuseok Support Fund Provided
[Asia Economy Reporter Kim Min-young] IBK Industrial Bank announced on the 4th that it will provide a total of 8 trillion won in 'Chuseok Special Support Funds,' including 3 trillion won in new loans and 5 trillion won in maturity extensions, until October 16.
It will support small and medium-sized enterprises experiencing temporary cash shortages before Chuseok with up to 300 million won per company for working capital purposes such as raw material payments and employee salaries and bonuses.
In addition, for payment loans such as discounted bills and corporate purchase funds, interest rates will be further reduced by up to 0.3 percentage points.
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An IBK Industrial Bank official stated, "We hope this will help small and medium-sized enterprises struggling with financial difficulties ahead of Chuseok."
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