Kamco-IBK Industrial Bank, Comprehensive Agreement on Win-Win Finance to Support SMEs Signed

[Asia Economy Reporter Song Seung-seop] Korea Asset Management Corporation (KAMCO) signed a comprehensive mutual finance business agreement with IBK Industrial Bank of Korea (President Yoon Jong-won) at the IBK Industrial Bank of Korea headquarters on the 5th to support small and medium-sized enterprises (SMEs) in the Busan and Gyeongnam regions.

This business agreement was established to help stabilize business management and revitalize the depressed regional economy by supporting SMEs in the Busan and Gyeongnam regions* that are experiencing management difficulties due to the resurgence of COVID-19, after the two institutions raised low-interest funds.

KAMCO will deposit 10 billion KRW with IBK Industrial Bank of Korea to provide low-interest funds and plans to additionally raise 50 million KRW in interest subsidies. Based on KAMCO’s deposit and other funds, IBK Industrial Bank of Korea will create and support a low-interest loan product worth 20 billion KRW.

Beneficiary companies in the Busan and Gyeongnam regions can receive support from IBK Industrial Bank of Korea for up to 300 million KRW over two years at an interest rate 0.5 percentage points lower than the market loan rate, and depending on credit rating and contribution, an additional reduction of up to 1.4 percentage points is possible.

Moon Sung-yoo, President of KAMCO, said, “This agreement is meaningful in that KAMCO and IBK Industrial Bank of Korea are joining forces to help normalize SME management,” adding, “KAMCO will continue to take the lead in helping SMEs quickly overcome difficulties so that our economy can be revitalized.”

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