Hansuk Ryeol, Vice President of Korea Real Estate Board, is taking a commemorative photo after signing a "Win-Win Cooperation Agreement for Overcoming COVID-19 in Small and Medium Enterprises and Promoting Social Value" with IBK Industrial Bank on the 23rd. (Photo by Korea Real Estate Board)
[Asia Economy Reporter Moon Jiwon] Korea Real Estate Board is establishing a loan fund worth 20 billion KRW to support small and medium-sized enterprises (SMEs) in Daegu affected by COVID-19.
On the 23rd, Korea Real Estate Board announced that it signed a "Win-Win Cooperation Agreement for Overcoming COVID-19 and Promoting Social Value for SMEs" with IBK Industrial Bank of Korea.
Through this agreement, Korea Real Estate Board will deposit 10 billion KRW with IBK Industrial Bank of Korea and create a total loan fund of 20 billion KRW to focus on supporting SMEs in Daegu affected by COVID-19.
Korea Real Estate Board explained, "We joined forces with IBK Industrial Bank of Korea to alleviate the economic burden of Daegu SMEs suffering severe management difficulties due to the prolonged COVID-19 pandemic and to actively contribute to revitalizing the local economy."
IBK Industrial Bank of Korea will automatically reduce the applied credit interest rate by 0.6% per company when handling loans (with an additional reduction of up to 1.4%). The loan limit per company is 300 million KRW, and the support period is up to 3 years.
Han Sukryul, Vice President of Korea Real Estate Board, said, "We will continue to do our best to be a public institution that shares pain with the local community and coexists harmoniously."
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