IBK, 18.6 Trillion KRW Support for SMEs Facing Complex Crises

3High Response - Support for Growth of Innovative Companies - Purpose of Restart Support

[Asia Economy Reporter Yu Je-hoon] IBK Industrial Bank of Korea announced on the 16th that it will implement a customized financial support program worth a total of 18.6 trillion KRW to assist small and medium-sized enterprises (SMEs) struggling due to the triple high (high interest rates, inflation, and exchange rates) phenomenon and worsening domestic and international economic conditions. This program is part of the government's 84 trillion KRW comprehensive crisis response plan announced on the 11th.

First, IBK Industrial Bank of Korea will supply new funds totaling 7 trillion KRW, including special fixed-rate loans with peace of mind, to help SMEs cope with the triple high phenomenon. Additionally, it plans to provide new funds totaling 11 trillion KRW, including the Korea Great Transformation Special Fund, to support the fostering of innovative industries and the growth of startups and venture companies.

Furthermore, IBK Industrial Bank of Korea will promote support worth 600 billion KRW for the revival of small business owners and SMEs, including the IBK Re-Startup Support Loan (100 billion KRW) and debt restructuring for companies facing structural difficulties.

An IBK Industrial Bank of Korea official stated, "We will do our best to support small and medium-sized enterprises and small business owners facing difficult management environments such as rising interest rates and inflation to overcome the crisis and make a fresh start."