IBK Industrial Bank, 8 Trillion KRW Support for Chuseok Special Funds
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 'Chuseok Special Support Funds,' including 3 trillion KRW in new loans and 5 trillion KRW in maturity extensions, until October 5th.
Ahead of the Chuseok holiday, the bank will support small and medium-sized enterprises 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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An IBK official stated, "We hope this will help small and medium-sized enterprises struggling to secure liquidity due to the prolonged COVID-19 pandemic, economic recession, and reduced consumption ahead of the Chuseok holiday."
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