KB Kookmin Bank Specially Contributes 56 Billion KRW for Credit Guarantees to Small Business Owners and SMEs

2.2 Trillion Won Loan Support Plan

KB Kookmin Bank announced on the 30th that it will make a special contribution of 56 billion KRW for credit guarantees for vulnerable small business owners and small and medium-sized enterprises (SMEs).

Throughout this year, Kookmin Bank plans to contribute a total of 56 billion KRW to the Korea Credit Guarantee Fund, the Korea Technology Finance Corporation, and regional credit guarantee foundations, supplying approximately 2 trillion KRW in agreement guarantee certificates and supporting loans of about 2.2 trillion KRW secured by these guarantee certificates.

The support targets of the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation are companies within five years of establishment in the "Death Valley" period (a period of business failure due to lack of funds), as well as small business owners and SMEs with weak collateral and creditworthiness. In the case of regional credit guarantee foundations, small business owners and self-employed individuals within the region are eligible for support.

Applications for special contribution guarantees from the Korea Technology Finance Corporation can be made starting today at Kookmin Bank branches nationwide and Korea Technology Finance Corporation offices, while the Korea Credit Guarantee Fund will begin accepting applications from the 6th of next month. Regional credit guarantee foundations are accepting applications at 17 foundations nationwide.

A Kookmin Bank official stated, "We hope that this special contribution will yield tangible results in supporting vulnerable SMEs struggling due to high interest rates and economic downturn," adding, "We will continue to provide financial support programs for SMEs to fulfill the bank's social responsibility."