IBK, Interest Support for Small and Medium Corporations... Loan Interest Rate Reduced by up to 2%P

IBK Supports 2 Trillion Won Out of 5 Trillion Won Total in Banking Sector

IBK Industrial Bank announced on the 1st that, as part of the 'Customized Corporate Finance Support Plan' announced by the Financial Services Commission last February, it will implement the 'Special Program for Reducing Financial Costs for Small and Medium Corporations' to alleviate the interest burden on small and medium-sized enterprises (SMEs) facing management difficulties due to economic downturn and high interest rates.

This special program supports small and medium corporations that are operating normally but experiencing financial cost burdens by providing interest rate support up to 5% for existing loans with interest rates exceeding 5% for up to one year, if they meet the eligibility criteria. For example, if the loan interest rate is 6.5% or 7.5%, it can be reduced to 5% and 5.5%, respectively.

Following the 'Interest Cashback' support worth 182.5 billion KRW for individual business owners under the banking sector's livelihood finance support plan implemented since February, IBK Industrial Bank will provide interest rate reductions worth up to 2 trillion KRW, the largest portion of the total 5 trillion KRW support amount across the banking sector, to small and medium corporations through this program.

An IBK Industrial Bank official stated, “We will continue to do our best to help small and medium corporations overcome crises caused by sales declines and support their business normalization.”

Meanwhile, IBK Industrial Bank is also supporting the 'Interest Repayment Burden Relief Program (SME Revalue-up Program)' for temporarily liquidity-short companies and the 'Safe Fixed Interest Rate Special Fund' that reduces interest rate fluctuation risks, and plans to continue providing customized programs to ease the financial burdens of SMEs and small business owners.