IBK, Partnering with Sudogwon Landfill Site Management Corporation to Provide 4 Billion KRW to SMEs

[Asia Economy Reporter Kwon Haeyoung] IBK Industrial Bank of Korea signed a "Win-Win Growth Business Agreement for Supporting Companies Affected by the Novel Coronavirus Infection (COVID-19) and Revitalizing the Local Economy" with the Sudogwon Landfill Site Management Corporation on the 6th.

Under this agreement, Industrial Bank of Korea will provide a win-win growth cooperation loan worth 4 billion KRW, funded by 2 billion KRW interest-free deposits from the Sudogwon Landfill Site Management Corporation.

The loan targets small and medium-sized enterprises (SMEs) and small business owners affected by COVID-19. The loan limit is up to 200 million KRW for SMEs and up to 50 million KRW for small business owners. Industrial Bank of Korea will automatically reduce the loan interest rate by 0.8 percentage points.

An Industrial Bank of Korea official stated, "We hope that by providing low-interest funds to companies unexpectedly facing difficulties due to the recent spread of COVID-19, we can help them overcome this crisis."