IBK, 9 Trillion KRW Support for Lunar New Year Special Funds

Use of Operating Funds... Up to 300 Million KRW per Company

[Asia Economy Reporter Yu Je-hoon] IBK Industrial Bank announced on the 18th that it will provide a total of 9 trillion won in special Lunar New Year support funds until February 8. This amount is an increase of 1 trillion won compared to last year, with 3.5 trillion won in new loans and 5.5 trillion won in maturity extensions planned.

The special Lunar New Year support funds are aimed at small and medium-sized enterprises experiencing temporary cash shortages ahead of the holiday, providing up to 300 million won per company for working capital purposes such as raw material payments and employee salaries and bonuses.

For payment loans such as discounted bills and corporate purchase funds, interest rates will be further reduced by up to 0.3 percentage points.

An IBK Industrial Bank official stated, "We hope this will help small and medium-sized enterprises facing difficulties securing liquidity due to economic recession and reduced consumption ahead of the Lunar New Year holiday."