IBK, Customized Financial Support Program for Small Businesses Launched... 26 Trillion Won Scale

Implementation of Customized Financial Support Program Comprising Liquidity Supply, Competitiveness Enhancement, and Recovery Assistance
Totaling 26 Trillion Won Over 2 Years... Funding Support for Facility Expansion, Raw Material Purchases, and More

[Asia Economy Reporter Song Hwajeong] IBK Industrial Bank announced on the 25th that it will implement a 'Customized Financial Support Program' to assist self-employed individuals and small business owners facing triple hardships of high interest rates, high inflation, and high exchange rates following the easing of the COVID-19 crisis.

This is part of the government's tailored policy fund supply plan for self-employed individuals and small business owners announced the previous day. The government decided to supply customized policy funds worth 41.2 trillion KRW over two years to provide liquidity, enhance competitiveness, and support recovery for self-employed individuals and small business owners.

Through this newly implemented financial support program, IBK plans to provide a total of 26 trillion KRW in low-interest new loans over two years to support liquidity supply, competitiveness enhancement, and recovery assistance for self-employed individuals and small business owners who are relatively vulnerable to changes in the financial environment.

First, to supply liquidity to self-employed individuals and small business owners, 7.2 trillion KRW in new funds will be provided. An additional 3 trillion KRW will be supplied for Haenaeri Loans, a product exclusively for micro small business owners, and companies whose credit ratings have declined but are judged to be capable of normalization in the future will receive interest rate discounts of up to 3 percentage points.

Furthermore, 18.3 trillion KRW in new funds will be supplied to help self-employed individuals and small business owners stabilize their businesses through facility investments after startup. Competitiveness will be supported through growth-stage programs such as initial startup and scale-up.

In particular, a 'Growth Promotion Facility Investment Program' worth 300 billion KRW will be implemented to support up to 90% of the required funds for facility investments such as business expansion and facility automation, and a special guarantee for raw material purchases worth 300 billion KRW will be supplied to support smooth procurement of raw materials.

To support the recovery of self-employed individuals and small business owners, 500 billion KRW in new funds will be promoted. A 100 billion KRW 'IBK Re-Startup Support Loan' will be supplied for business owners who want to re-start after closure or switch their business or industry, and companies facing structural difficulties will be supported for a new leap forward through debt restructuring and other measures.

An IBK Industrial Bank official stated, "We will do our best to support small business owners and self-employed individuals who are struggling due to rising interest rates and inflation to overcome the crisis and make a new leap forward."

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