IBK Industrial Bank of Korea Provides 100 Billion KRW in Emergency Funding for Yeongcheon Fire-Affected SMEs

Support for Business Stabilization Funds and Facility Restoration Loans

On August 6, IBK Industrial Bank of Korea announced that it will provide 100 billion KRW in emergency financial support to small and medium-sized enterprises (SMEs) and partner companies affected by the recent large-scale fire in Yeongcheon, North Gyeongsang Province.

Euljiro Industrial Bank of Korea Headquarters, Jung-gu, Seoul. Industrial Bank of Korea

The bank plans to offer operating funds and facility restoration loans of up to 300 million KRW per company to SMEs that suffered direct or indirect damage from the fire, and will reduce loan interest rates by up to 1 percentage point.

For existing credit that reaches maturity, the bank will allow extensions of up to one year without requiring principal repayment, and will defer repayments on installment loans.

To actively support recovery efforts, IBK Industrial Bank of Korea has dispatched corporate account managers to the site to assess the specific scale of the damage and is working to help affected companies return to normal operations as quickly as possible.

A representative from the bank stated, "We will spare no effort in providing financial support so that companies facing significant difficulties due to the fire can normalize their operations as soon as possible," adding, "We hope this support will aid the recovery and early stabilization of SMEs affected by the fire."

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