Ulsan City and IBK Industrial Bank Launch 'Interest Support and Rate Reduction' to Stabilize SME Management

Ulsan City is partnering with IBK Industrial Bank to support local companies facing difficulties in cash flow liquidity.

On the 22nd at 10:30 a.m., Ulsan Mayor Kim Doo-gyeom is scheduled to sign the "Ulsan City-IBK Industrial Bank SME Financial Support Agreement" with Kim Sung-tae, President of IBK Industrial Bank, in the mayor's office.

According to this agreement, Ulsan City will provide 2 billion KRW in interest subsidies to IBK Industrial Bank.

IBK Industrial Bank will raise funds amounting to 100 billion KRW and offer a 2% reduction in loan interest rates for up to 500 million KRW per SME for one year, and will bear a 1.2% guarantee fee for issuing guarantees.

The support will continue until the 100 billion KRW loan fund is exhausted starting next year, and target companies will be recruited and selected through a separate announcement on Ulsan City's official website early next year.

Mayor Kim Doo-gyeom pointed out, "Due to recent international conflicts, economic activity contraction, and financial market instability, even sound SMEs are experiencing temporary cash flow difficulties."

Mayor Kim said, "Through this agreement, along with IBK Industrial Bank's 100 billion KRW SME financial support, we will expand the management stabilization fund reflected in next year's budget from 200 billion KRW to 300 billion KRW, providing a total of 400 billion KRW in financial support to help overcome the crisis."

Ulsan City Hall.

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