IBK Expands Eligibility for "Small Business Biz Plus" Card

Eased NICE Credit Score Requirement
Eligibility Expanded to Corporate Business Owners

IBK Industrial Bank of Korea announced on September 30 that starting from October 1, it will expand the eligibility for the "Small Business Biz Plus" card, a product linked to the Ministry of SMEs and Startups' support policies for small business owners.

One of the eligibility requirements, the credit score criterion, will be eased from a NICE credit rating of 595 to 839 points to a range of 595 to 879 points. The card issuance will also be expanded from individual business owners to include corporate business owners.

The card is available to individual and corporate business owners nationwide who have obtained a special guarantee certificate from a regional credit guarantee foundation. The usage limit is up to 10 million won, and the usage period can be extended annually in line with the maturity of the special guarantee certificate, for up to five years.

To support smooth fund management for small business owners, IBK will offer up to six months of interest-free installment payments and a 3% cashback event for individual business owners who receive the Small Business Biz Plus card. For cashback, up to 100,000 won will be returned in the first year of card issuance.

However, corporate business owners are excluded from the interest-free installment and cashback benefits provided to individual business owners, in accordance with the Specialized Credit Finance Business Act, which restricts the provision of economic benefits to corporate members. An annual fee of 4,000 won will be charged.

Individual business owners can apply for the card at branches, through the IBK Card app, or via i-ONE Bank (corporate). Corporate business owners can only apply at branches.

An IBK official stated, "By expanding the eligibility, we expect to help resolve the financial difficulties of more small business owners," adding, "We will continue to expand tailored financial support to ensure stable business operations for small business owners."

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