IBK Savings Bank Launches Seafood Collateral Loan Product for Busan, Ulsan, and Gyeongnam Regions

Up to 70% LTV Limit
Maximum Loan Term of 12 Months

A product that allows borrowing money using seafood such as hairtail and squid from the Busan, Ulsan, and Gyeongnam regions as collateral has been launched.

IBK Savings Bank announced on the 3rd that it recently launched a specialized product for the Bu-Ul-Gyeong region called 'Seafood Collateral Loan.'

This product was launched last month based on seafood from ports, cold storage facilities, and joint fish markets in the Bu-Ul-Gyeong region.

Individual business owners and corporations related to seafood who can provide frozen seafood as collateral are eligible to apply.

The loan limit is up to 70% of the Loan-to-Value (LTV) ratio. The loan period is up to 12 months, varying depending on the manufacturing and import dates.

The company explained that the product is expected to help resolve financial difficulties of seafood industry workers in the Bu-Ul-Gyeong region who lack sufficient collateral or have low credit ratings.

An IBK Savings Bank official said, "This Seafood Collateral Loan product was launched to support the local economy struggling with recession and downturn, similar to the 'Local Love The Dream Loan' launched in October last year," adding, "We hope it will greatly contribute to revitalizing the seafood industry, a major local industry."