IBK to Provide 1.8 Trillion Won in Financial Support for Small Business Owners... Up to 1.5% Interest Rate Reduction
Up to 2 Billion Won in Working Capital and Facility Loans per Business
Enhanced Support for Regional Small Businesses with Limits up to 3 Billion Won
IBK Industrial Bank of Korea is launching a financial support program worth 1.8 trillion won to assist small business owners facing management difficulties caused by high interest rates and inflation.
On October 2, Industrial Bank of Korea announced the release of its “IBK Small Business Management Stabilization Loan,” a financial product specifically designed for small business owners. The program targets those whose cost burdens have increased due to high interest rates and inflation. Each business can receive up to 2 billion won to support both operating and facility funds, along with a maximum interest rate reduction of 1.5 percentage points.
For small business owners located outside the Seoul metropolitan area, the loan limit will be raised to up to 3 billion won. This measure strengthens financial support in regions where funding conditions are relatively more challenging compared to the Seoul metropolitan area.
Additional measures are in place to reduce early repayment burdens. For installment loans, an extra one-year grace period beyond the existing grace period will be offered. Prepayment penalties for repaying loans before maturity will also be waived.
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Industrial Bank of Korea plans to provide a total of 1.8 trillion won through this new product. A bank official stated, “We hope this financial support will help small business owners struggling with high interest rates and inflation. We will continue to do our utmost to help small business owners overcome management crises and support their renewed growth.”
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