Sandankong Supports Low-Interest Loans for Companies Affected by COVID-19

IBK Industrial Bank and a Total 20 Billion KRW Fund Established
Low-Interest Loans for Companies in Jurisdiction Industrial Complex

Korea Industrial Complex Corporation Headquarters

[Asia Economy Reporter Kim Daeseop] Korea Industrial Complex Corporation announced on the 13th that it has signed a win-win growth cooperation agreement with IBK Industrial Bank of Korea to jointly support companies affected by the novel coronavirus disease (COVID-19).

Through this agreement, Korea Industrial Complex Corporation and IBK Industrial Bank of Korea will establish a fund totaling 20 billion KRW. They plan to provide low-interest win-win growth cooperative loans to small and medium-sized enterprises located in industrial complexes under the jurisdiction of Korea Industrial Complex Corporation that have been affected by the spread of COVID-19.

The fund will be created with 10 billion KRW of interest-free deposits from Korea Industrial Complex Corporation. The loan limit is up to 500 million KRW. Eligible companies will automatically receive a 0.65 percentage point reduction in the working capital loan interest rate. Depending on credit ratings, they can receive an additional interest rate reduction of up to 1.4 percentage points.

Kim Jeonghwan, Chairman of Korea Industrial Complex Corporation, said, "I hope this cooperation agreement with IBK Industrial Bank of Korea will serve as a foundation for overcoming the crisis faced by companies affected by COVID-19 and the industrial complexes."