Changwon Special City and IBK Industrial Bank Sign Agreement on Cooperative Support Loans for SMEs

Financial Support of 120 Billion KRW Over 3 Years

Additional 1.2%p Guarantee Fee Support Per Company

Changwon Special City in Gyeongnam announced on the 24th that it has signed a business agreement with IBK Industrial Bank at the Changwon City Hall reception room for a joint support agreement loan for small and medium-sized enterprises (SMEs), providing financial support totaling 120 billion KRW over three years.

This agreement is being carried out in conjunction with the existing 'Changwon City SME Development Fund Loan Support Project.'

It was signed to support SMEs located in Changwon City that are struggling due to worsening internal and external business environments.

Changwon Special Mayor Hong Nampyo (left) and IBK Corporate Bank President Kim Sungtae are signing a business agreement for SME co-support cooperative loans on the 24th and taking a commemorative photo.

The joint support agreement loan for SMEs will be available through IBK Industrial Bank starting from the 24th.

The support includes an interest subsidy of 2.5 percentage points for up to two years through the SME development fund for new loans, and an additional guarantee fee support of 1.2 percentage points.

Eligible recipients are SMEs headquartered and operating in Changwon City, including registered manufacturing businesses, software industry companies, nuclear power plant industry partners, defense industry companies, and defense parts production (supply) companies. The loan limit per company is up to 300 million KRW (400 million KRW for special companies), within 50% of their sales according to financial statements.

Changwon Special City Mayor Hong Nam-pyo said, "I would like to thank IBK Industrial Bank for accompanying the local community by providing financial support to SMEs struggling with high interest rates," and added, "In 2023, Changwon recorded its highest export volume and trade surplus in 11 years, and we will continue to discover support measures that help enhance corporate competitiveness to maintain this upward trend and further strengthen our support for businesses."

This content was produced with the assistance of AI translation services.