KB Financial Group Donates 20 Billion KRW to Small Business Owners... 60 Billion KRW Over 3 Years

KB Financial Group announced on the 15th that it has prepared a detailed plan for a total of 20 billion KRW in mutual growth support funds to assist small business owners and self-employed individuals struggling amid high inflation and high interest rates by supporting energy costs, rent, and more.

This detailed plan corresponds to the non-financial support measures worth a total of 60 billion KRW for small business owners and self-employed individuals, which KB Financial announced in March as part of its financial and non-financial support initiatives to share pain and promote mutual growth with financial consumers.

KB Financial plans to provide a total of 60 billion KRW over three years, with 20 billion KRW each year, to small business owners and self-employed individuals. This year, due to the sharp rise in energy costs, support will be provided for energy expenses and monthly rent to help overcome the management crisis faced by small business owners and self-employed individuals.

When KB Financial donates 20 billion KRW to the Federation of Small Businesses, the Federation will distribute mutual growth support funds of 300,000 KRW to selected recipients chosen by KB Financial and the Korea Inclusive Finance Agency.

The support recipients are ‘faithful repayors’ among small business owners and self-employed individuals who are either using inclusive financial loans or classified as vulnerable borrowers with high interest rates. KB Kookmin Bank and the Korea Inclusive Finance Agency will notify them via KakaoTalk and text messages.

Notified recipients can apply starting from the 18th through the Small Business Mutual Growth Support Fund website, and inquiries related to the support fund can be made at the Small Business Mutual Growth Support Fund call center.

A KB Financial official said, “Many small business owners and self-employed individuals are still striving to recover after COVID-19, and we hope the mutual growth support fund will serve as a catalyst to overcome their management crises.” He added, “Going forward, KB Financial will actively support small business owners and self-employed individuals who serve as a strong pillar of our economy, while continuously exploring areas where we can fulfill our social responsibilities, striving to practice ‘management that constantly coexists with society.’”

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