KB Kookmin Bank Launches Customized Financial Support for SMEs and Small Business Owners
KB Kookmin Bank is taking a proactive approach to provide customized financial support for small business owners and the development of core strategic industries through early execution of special credit guarantee contributions and financial support for the Lunar New Year holiday.
On the 7th, KB Kookmin Bank announced that it plans to supply approximately KRW 2.7 trillion in new funds to vulnerable small business owners and to foster core strategic industries. The bank has signed agreements with the Korea Credit Guarantee Fund, Korea Technology Finance Corporation, Korea Credit Guarantee Foundation Central Association, and 17 regional credit guarantee foundations nationwide to provide funds secured by guarantee certificates through early implementation of special contributions totaling KRW 105 billion.
The support targets of the Korea Credit Guarantee Fund and Korea Technology Finance Corporation include "death valley" companies within five years of establishment, small business owners with technological capabilities but weak collateral and credit, and small and medium enterprises in core strategic industries. Regional credit guarantee foundations target small business owners and self-employed individuals within their regions, and funds can be supported in connection with local government small business policy funds (including secondary interest subsidy loans).
Companies that have received KB Kookmin Bank’s non-financial services are also included in the support targets, planning to simultaneously provide financial and non-financial services necessary for small business owners. Support targets include ▲ companies supported by KB SOHO Consulting Service ▲ companies supported by KB ESG Consulting ▲ companies residing in the KB Innovation Hub Center ▲ companies hiring new personnel through the KB Good Job Job Fair.
Additionally, KB Kookmin Bank will provide financial support for small and medium enterprises for the Lunar New Year holiday until the 14th of next month. The support scale totals KRW 15.1 trillion (KRW 6.1 trillion in new funds, KRW 9 trillion in maturity extensions), offering preferential interest rate benefits within a maximum of 1.5 percentage points.
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A KB Kookmin Bank official stated, "We hope for tangible results in supporting small and medium enterprises and small business owners struggling due to the economic downturn," adding, "Going forward, KB Kookmin Bank will fulfill its social responsibility by providing various programs to ensure smooth financial support and reduce financial costs for small business owners who are often excluded from financial support."
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