Total 372.1 Billion KRW Including Autonomous Programs
First Payment on 5th to 260,000 Individual Entrepreneurs
KB Kookmin Bank announced on the 1st that it will implement 372.1 billion KRW worth of livelihood financial support, starting with interest cashback for self-employed individuals and small business owners facing difficulties due to high interest rates and high inflation after COVID-19.
The 372.1 billion KRW supported by KB Kookmin Bank is the largest amount among banks participating in livelihood financial support programs, divided into 300.5 billion KRW for the common program ‘Interest Cashback’ and 71.6 billion KRW for autonomous programs.
On the 5th, approximately 260,000 individual business owners will receive an initial cashback of 261.7 billion KRW for interest paid in 2023 through the Interest Cashback program. The total interest refund amount for the common program is 300.5 billion KRW, which includes the refund on the 5th and an estimated cashback of 38.8 billion KRW for interest paid throughout the year, making it the largest among banks participating in livelihood financial support.
The Interest Cashback program targets customers holding individual business loans as of December 20 last year (excluding real estate rental businesses). It supports cashback of up to 3 million KRW, covering 90% of the interest paid over 4% interest rate on loans up to 200 million KRW for one year. Cashback for customers with an interest payment period of less than one year will also be processed monthly after each quarter ends.
Regarding the 2023 interest payment cashback conducted on the 5th, eligible customers will be notified in advance on the 2nd via KakaoTalk (notification talk) or text message with detailed information such as the cashback account. This Interest Cashback program requires no separate application process, and the cashback amount will be deposited into the eligible customer’s own deposit/withdrawal account. Customers should be cautious of voice phishing (telecommunication financial fraud) that requests application procedures, personal information, ID photos, or fee payments.
Additionally, KB Kookmin Bank plans to promptly establish and support autonomous programs worth approximately 71.6 billion KRW using various methods such as guarantees from guarantee institutions or contributions from the Korea Inclusive Finance Agency to provide practical assistance.
A KB Kookmin Bank official said, “We hope this livelihood financial support will provide real help to small business owners and self-employed individuals struggling with high interest rates and inflation,” adding, “We will continue to do our best to fulfill corporate social responsibility and practice win-win finance.”
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