IBK and Shinbo Establish Consultative Body to Revitalize SME Policy Finance

Regularly Held Standing Consultative Body Twice a Year

IBK Industrial Bank of Korea will establish a permanent consultative body to activate policy financial support for small and medium-sized enterprises (SMEs) in cooperation with the Korea Credit Guarantee Fund.

On the 30th, IBK Industrial Bank of Korea announced on the 31st that it held a 'Consultative Body Operation Agreement Ceremony between IBK Industrial Bank of Korea and Korea Credit Guarantee Fund for the Activation of Policy Finance' at its headquarters in Euljiro, Jung-gu, Seoul. The ceremony was attended by Kim Sung-tae, President of IBK Industrial Bank of Korea, and Choi Won-mok, Chairman of the Korea Credit Guarantee Fund, among others.

According to this agreement, both organizations will cooperate to develop policy finance systems, conclude financial support business agreements, support SME management, respond to internal and external environmental changes, and proactively identify and support necessary areas by discussing difficulties faced by SMEs.

The consultative body will be subdivided into an executive-level (Vice President - Director) policy consultative body and a department head-level working consultative body, and the bank explained that it plans to hold regular meetings at least twice a year.

The first agenda items of the consultative body include 'long-term, low-interest guarantees' that can provide low-interest funds over the long term, guarantees that support new funds for companies undergoing business normalization, 'facility investment promotion' to activate facility investment, and 'joint project guarantees' to support partner companies participating in large-scale projects. Detailed plans for each agenda will be finalized and promoted through working-level consultative meetings.

Kim Sung-tae, President of IBK Industrial Bank of Korea, said, "Through this agreement, we expect that close cooperation between institutions dedicated to SME finance will strengthen timely and effective support."