IBK Industrial Bank, 9 Trillion KRW Special Fund Support for Lunar New Year
Up to 300 Million KRW in Working Capital Support per Company
for Raw Material Payments, Employee Salaries, and Bonuses
IBK Industrial Bank announced on the 14th that it will provide a total of 9 trillion KRW in 'Seollal Special Support Funds' until February 14, including 3.5 trillion KRW in new loans and 5.5 trillion KRW in loan maturity extensions to celebrate the Lunar New Year holiday.
The bank will support small business owners and SMEs experiencing temporary cash shortages with up to 300 million KRW per company for working capital purposes such as raw material payments and employee salaries and bonuses.
Additionally, for payment loans such as discounted bills and corporate purchase funds, an additional interest rate reduction of up to 0.3 percentage points will be provided.
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An IBK Industrial Bank official stated, “We hope this support will help small business owners and SMEs who are struggling to secure liquidity due to economic downturn and reduced consumption ahead of the Lunar New Year holiday.”
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