IBK Industrial Bank, 8 Trillion KRW Special Funds Support for Lunar New Year
Working Capital Uses Such as Raw Material Payments and Employee Salaries... Up to 300 Million KRW Limit per Company
[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank announced on the 13th that it will provide a total of 8 trillion KRW in 'Lunar New Year Special Support Funds,' including 3 trillion KRW in new loans and 5 trillion KRW in maturity extensions, until February 26.
Ahead of the Lunar New Year holiday, the bank will support small and medium-sized enterprises (SMEs) experiencing temporary cash shortages with up to 300 million KRW per company for working capital purposes such as raw material payments and employee salaries and bonuses. 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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In addition to the special funds, the bank plans to provide approximately 9 trillion KRW in additional support for SMEs' business operations and facility investments. A representative from IBK said, "We hope this will help SMEs facing difficulties securing liquidity due to the economic downturn and consumption contraction caused by COVID-19 ahead of the Lunar New Year holiday."
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