IBK, 30% Rent Reduction for Building Leases to Support Small Businesses and SMEs

Rent Reduction for Three Months Starting March... Joining the 'Good Landlord Movement'

[Asia Economy Reporter Haeyoung Kwon] IBK Industrial Bank of Korea announced on the 23rd that it will reduce the rent of buildings owned by the bank by 30% (up to 1 million KRW per month) for three months starting in March to support small business owners and SMEs struggling due to COVID-19.

This is in line with participating in the 'Good Landlord Movement' mentioned by President Moon Jae-in. A total of 55 small business owners and SMEs will benefit from IBK's rent reduction, easing about 50 million KRW in rent burden over three months.

An IBK official stated, "Although IBK does not own many rental buildings, all small business owners and SMEs residing in these buildings are valuable customers beyond just tenants," adding, "We are reducing rent to support tenants facing management difficulties such as decreased sales."

Meanwhile, last month IBK launched a 'Super Low-Interest Special Loan for Small Business Owners,' providing special funds at interest rates in the 1% range. Additionally, on the 19th, the bank sector jointly signed a 'COVID-19 Affected Business Support Agreement' with regional credit guarantee foundations and launched low-interest loans worth 100 billion KRW.