IBK, Ulju-gun Sign Business Agreement for Joint Support of Small and Medium Enterprises

IBK Industrial Bank announced on the 16th that it has signed a 'Cooperation Agreement for Supporting Small and Medium Enterprises to Revitalize the Local Economy' together with Ulju-gun Office in Ulsan.

Through this agreement, IBK Industrial Bank and Ulju-gun will mutually cooperate to reduce the financial burden on small and medium enterprises facing difficulties due to high interest rates and economic slowdown.

IBK Industrial Bank will establish a loan limit of 60 billion KRW over three years through Ulju-gun's interest subsidy fund, providing up to 400 million KRW in management stabilization funds per company.

The support targets are small and medium enterprises recommended by Ulju-gun and issued a guarantee certificate by the guarantee institution. Ulju-gun will provide a 3.0 percentage point (P) reduction in loan interest rates, and IBK Industrial Bank and the guarantee institution will support guarantee fees up to 1.2 percentage points.

An IBK Industrial Bank official said, "Through this agreement, we expect to alleviate the financial cost burden of small and medium enterprises in the Ulju-gun area, improving management stability and productivity," adding, "We will continue to do our best to support small and medium enterprises in overcoming crises."

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