KB Kookmin Bank Supports COVID-19 Affected Companies with 45 Billion KRW Guarantee Loan

Signed a Financial Support Agreement for 'Overcoming COVID-19 Damage and Revitalizing SOHO Consulting' with the Korea Credit Guarantee Foundation Central Association

[Asia Economy Reporter Kangwook Cho] KB Kookmin Bank announced on the 25th that it has signed a "Financial Support Agreement for Overcoming COVID-19 Damage and Activating SOHO Consulting" with the Korea Credit Guarantee Foundation.

This agreement was made to expand financial support for small business owners who are experiencing management difficulties due to the recent domestic demand slump caused by COVID-19 and to strengthen the business competitiveness of small business owners through the activation of SOHO consulting.

According to the agreement, KB Kookmin Bank will make a special contribution of 3 billion KRW to the Korea Credit Guarantee Foundation and support loans worth 45 billion KRW. The target companies are small business owners affected by COVID-19 in industries such as food service, lodging, tourism, wholesale and retail, and transportation. The loan interest rate will be preferentially reduced by up to 1.9% depending on transaction performance.

In particular, small business owners located in Daegu Metropolitan City, Gyeongsangbuk-do, Asan City, Jincheon City, and Icheon City will be included in the support targets without restrictions on industry, etc. Applications for guarantees and loans will be available from the 28th at KB Kookmin Bank branches nationwide or at 16 regional credit guarantee foundation branches nationwide.

In addition, KB Kookmin Bank is currently providing comprehensive consulting such as commercial district analysis and early stabilization fund support after start-up at 13 SOHO consulting centers nationwide. SOHO consulting will be prioritized for companies affected by COVID-19, and guarantee limits will also be preferentially applied.

In August last year, KB Kookmin Bank signed a business agreement with the Korea Foodservice Industry Association as part of the "Caring Company" project led by the Ministry of SMEs and Startups, and is operating a 45 billion KRW guarantee product for foodservice self-employed through a special contribution of 3 billion KRW to the Korea Credit Guarantee Foundation.

A KB Kookmin Bank official said, "Going forward, KB Kookmin Bank will seek various support measures to overcome COVID-19, and we hope that the affected companies will normalize as soon as possible."