IBK Industrial Bank of Korea, KCGF, and KOTEC to Provide 1.5 Trillion Won in Financial Support

500 Billion Won for Inclusive Finance, 1 Trillion Won for Productive Finance
Up to 1.3 Percentage Points Off Interest Rates, Guarantee Fees Also Supported

IBK Industrial Bank of Korea is joining forces with Korea Credit Guarantee Fund and Korea Technology Finance Corporation to provide a total of 1.5 trillion won in financial support aimed at expanding inclusive and productive finance.

On June 4, Industrial Bank of Korea announced that it had signed a financial support business agreement with Korea Credit Guarantee Fund and Korea Technology Finance Corporation to expand inclusive and productive finance, and that it will implement the support accordingly.

Under this agreement, Industrial Bank of Korea will provide 500 billion won to the inclusive finance sector and 1 trillion won to the productive finance sector. The aim is to support both small and medium-sized enterprises (SMEs) that are in policy blind spots and promising SMEs with future growth potential.

First, the targets for inclusive finance include small businesses, recently graduated startups, and companies in traditional manufacturing. Industrial Bank of Korea will offer these companies up to 1.3 percentage points off their loan interest rates and will cover the full guarantee fee for first-year borrowers.

Financial support will also be provided to promising SMEs engaged in productive sectors such as future strategic industries. These companies will benefit from up to 1.3 percentage points off their interest rates and up to 0.8 percentage points off their guarantee fees for two years. An Industrial Bank of Korea official stated, "This agreement is a comprehensive support measure for SMEs in policy blind spots as well as future growth companies," adding, "We will serve as a solid support so that SMEs do not lose their growth momentum."

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