Chungnam Province Establishes ESG Management Stabilization Fund... "2 Billion KRW Interest Support Over 3 Years"
Chungnam Province has established an Environmental, Social, and Governance (ESG) Management Stabilization Fund to support local small and medium-sized enterprises (SMEs).
On the 26th, Chungnam Province announced that Governor Kim Tae-heum, IBK Industrial Bank of Korea President Kim Sung-tae, Shin Hyun-gu, Executive Director of the Korea Credit Guarantee Fund, and Lee Jong-bae, Executive Director of the Korea Technology Finance Corporation, signed a business agreement for "SME Co-support."
According to the agreement, Chungnam Province, IBK Industrial Bank of Korea, and the two guarantee institutions will join forces to establish and operate the ESG Management Stabilization Fund to reduce the financial burden on SMEs in the Chungnam region.
IBK Industrial Bank of Korea will create a loan limit totaling 100 billion KRW over three years and will prioritize loans backed by the co-support agreement guarantee certificates. Additionally, it will support up to a 1.0% guarantee fee. The Korea Credit Guarantee Fund and the Korea Technology Finance Corporation plan to reduce guarantee fees by 0.2%.
The support targets are local SMEs recommended by Chungnam Province that have completed an ESG management self-assessment among the loan recipients of technology innovation-type financial support.
Supported companies will also receive step-by-step customized consulting for ESG management from IBK Industrial Bank of Korea.
In addition to financial support, IBK Industrial Bank of Korea plans to engage in social contribution activities such as purchasing (market support) Chungnam smart farm products and provide employment support through the IBK SME specialized job platform.
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Governor Kim Tae-heum of Chungnam Province stated, "The Management Stabilization Fund was established to support local companies committed to realizing carbon-neutral management," and added, "Chungnam Province will continue to actively support SMEs through diverse and segmented financial support."
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