IBK Industrial Bank, 9 Trillion KRW Special Chuseok Support Fund Provided
[Asia Economy Reporter Bu Aeri] IBK Industrial Bank of Korea will provide special Chuseok support funds totaling 9 trillion won until the 27th.
According to the bank on the 6th, this includes 3.5 trillion won in new loans and 5.5 trillion won in maturity extensions.
Ahead of the Chuseok holiday, up to 300 million won per company will be supported for working capital purposes such as raw material payments and employee salaries and bonuses for small and medium-sized enterprises experiencing cash shortages.
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 bank official said, "We hope this will help small and medium-sized enterprises struggling to secure liquidity due to soaring raw material prices, exchange rates, interest rate hikes, economic recession, and consumption contraction ahead of the Chuseok holiday."
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