IBK, Comprehensive Support Measures for Small Businesses... One-Year Extension of Loan Interest Rate Reduction

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IBK Industrial Bank announced on the 8th that it will implement a comprehensive support plan to alleviate the financial difficulties and improve the management conditions of small business owners who are struggling due to the economic recession and high interest rates.

This comprehensive support plan for small business owners includes measures to reduce financial burdens such as loan interest rate cuts, as well as non-financial support to strengthen competitiveness and ease management pressures.

To reduce the financial burden on small business owners, IBK will invest 130 billion KRW of its own funds to extend the interest rate reduction period by one year for small business loan products that were supported through government capital contributions.

Additionally, IBK will provide 28 billion KRW in total, with 14 billion KRW each allocated to loans through a dedicated small business fund and preferential interest rates on deposit and savings products, as well as interest reduction support through debt restructuring.

Furthermore, IBK plans to actively continue non-financial support to assist the management activities of small business owners. This includes establishing a customized policy fund recommendation system to help small business owners identify policy fund products that meet their conditions and expanding educational programs to support franchise startups.

An IBK representative stated, “We have set supporting small and medium-sized enterprises and small business owners in overcoming crises as our top priority and will continue to provide practical financial and non-financial support.”

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