Goyang-si and IBK Industrial Bank Sign Business Agreement for 'SME Joint Support Agreement Loan'

Up to 300 Million KRW Loans for SMEs in Manufacturing, Knowledge, and Cultural Industries
Relief Expected for Companies Facing Financial Difficulties

Goyang Special City, Gyeonggi Province (Mayor Lee Dong-hwan) announced on the 25th that it signed a 'Small and Medium Enterprise (SME) Accompaniment Support Agreement Loan' with IBK Industrial Bank of Korea on the 24th to alleviate the burden of working capital loans for SMEs in Goyang City struggling with ongoing high interest rates.

Lee Dong-hwan, Mayor of Goyang Special City (right), and Baek Chang-yeol, Vice President of IBK Industrial Bank, are posing for a commemorative photo after signing the "Small and Medium Business Support Partnership Loan Agreement" on the 24th. Provided by Goyang Special City

The signing ceremony was attended by Mayor Lee Dong-hwan of Goyang Special City, Baek Chang-yeol, Vice President of IBK Industrial Bank of Korea, and other officials, who agreed to mutually cooperate in providing financial support to stabilize the management of SMEs.

The 'SME Accompaniment Support Agreement Loan' is a financial support project for SMEs that provides a total loan fund of 200 billion KRW over three years, based on the interest subsidy fund from the Goyang City SME Development Fund.

When local companies apply for working capital loans, the bank and guarantee institutions support up to 1.2% of the guarantee fee, and the city compensates for up to 2.5% of the interest rate difference.

The support targets SMEs located in Goyang City engaged in manufacturing, knowledge, and cultural industries, with loans available up to a limit of 300 million KRW. The repayment period is up to three years.

Loan execution is scheduled to be carried out after an announcement on the Goyang City website in April, and applications can be submitted at any time at IBK Industrial Bank of Korea branches nationwide until funds are exhausted.

Baek Chang-yeol, Vice President of IBK Industrial Bank of Korea, said, “We deeply feel the difficulties of SMEs on the ground amid unstable domestic and international economic conditions,” and added, “We will continue to cooperate with Goyang City for policy finance and pay close attention to ensuring financial support for promising companies in Goyang City.”

Mayor Lee Dong-hwan of Goyang Special City expressed gratitude to IBK Industrial Bank of Korea for proposing the SME Accompaniment Support project to resolve the financial difficulties of SMEs in Goyang City amid the ongoing recession, stating, “We will spare no effort to prepare various support measures to solve the difficulties of local companies and strengthen their self-reliance so that Goyang City companies can grow and develop.”

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