IBK Industrial Bank Launches 2 Trillion Won Special Support Program for Startup Facility Investment
Low-Interest Support for First Business Premises of Startups Within 7 Years of Establishment
IBK Industrial Bank announced on July 21 that it will launch a special support program for startup facility investment worth 2 trillion won, starting from July 25.
The purpose of the program is to support startups seeking to invest in facilities, such as securing business premises. The program targets small and medium-sized enterprises (SMEs) and small business owners within seven years of establishment.
When purchasing a business location for the first time, the bank will offer an interest rate reduction of up to 1.5 percentage points.
If linked with local government interest subsidy programs, an additional reduction of up to 2.0 percentage points will be provided, lowering the interest rate by up to 3.5 percentage points in total. Facility loans totaling 1.8 trillion won will be specially supported at ultra-low interest rates in the 1% range.
Starting with an interest subsidy agreement with South Gyeongsang Province, the bank plans to expand such agreements to other local governments, including Gyeonggi Province, in the future.
Through business agreements worth 200 billion won with Korea Credit Guarantee Fund and Korea Technology Finance Corporation, the bank will offer up to 1.3 percentage points in interest rate reductions and up to 0.5 percentage points in guarantee fee reductions. This will help alleviate the burden of raw material purchases and labor costs for startups.
In addition, the bank plans to provide customized consulting in areas such as production, organization, and financial management to help supported companies operate their businesses stably.
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Bank President Kim Sungtae said, "Just as purchasing a first home is significant for individuals, securing a first business location is equally meaningful for startups," adding, "We will continue to provide unwavering support to further vitalize the startup ecosystem."
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