Suwon City Adjusts Interest Rate Reduction for Win-Win Growth Cooperation Loan from 2.1% to 2.6%

Suwon City Hall

The city of Suwon in Gyeonggi Province is partnering with IBK Industrial Bank of Korea to increase the interest rate reduction for the 'Win-Win Growth Cooperation Project' loans from the previous maximum of 2.1% to 2.6%.

The Win-Win Growth Cooperation Project is a program where Suwon City and IBK Industrial Bank of Korea provide a loan fund of 13 billion KRW to lend to small and medium-sized enterprises (SMEs) and small business owners in the area who are struggling to secure working capital.

Recently, Suwon City renegotiated with IBK Industrial Bank of Korea to ease the difficulties faced by companies burdened by high interest rates and funding challenges, expanding the loan interest rate reduction to 2.6%.

SMEs can borrow up to 200 million KRW, and small business owners can borrow up to 50 million KRW. The loan period is one year, with the possibility of extension up to three years.

For more details, check the 'Announcements and Notices' board on the Suwon City website or contact the nearest IBK Industrial Bank of Korea branch.

A city official stated, "We hope that the expanded interest rate reduction will help companies secure operating funds and alleviate loan burdens," adding, "We will provide various financial supports to businesses, including SME development fund loans and special guarantee support projects."