IBK, 300 Billion Won Special Support for Sanbulpaehae... Up to 500 Million Won per Company

Interest Rates Reduced by Up to 1.3 Percentage Points
Up to 30 Million KRW Support for Individual Customers

IBK Industrial Bank announced on the 24th that it will implement special recovery support for small business owners and small and medium-sized enterprises (SMEs) affected by nationwide wildfires.

Euljiro IBK Industrial Bank of Korea Headquarters, Jung-gu, Seoul. Provided by Industrial Bank of Korea

For small business owners and SMEs affected by the wildfires, IBK will provide working capital and facility damage recovery funds up to 5 billion KRW per company, totaling 300 billion KRW. Loan interest rates will be reduced by up to 1.3 percentage points.

When loan maturities come due, IBK will support maturity extensions of up to one year without principal repayment.

For individual customers affected by the wildfires, IBK will provide emergency livelihood stabilization funds up to 30 million KRW per person, totaling 50 billion KRW. Loan interest rates will be lowered by up to 1.0 percentage point.

IBK will support maturity extensions and principal and interest payment deferrals for existing loans. Special early termination interest rates will be offered upon deposit cancellations. Credit card customers can defer payment of their bills for up to six months.

IBK has donated 200 million KRW in recovery support funds to the National Disaster Relief Association. It is also sending the "Love Meal Truck" to the affected sites to provide free meals.

IBK explained that it is actively responding to minimize the spread of damage by monitoring the damage status of client companies in real time.

An IBK representative said, "We hope this support will help small business owners and SMEs affected by the wildfires recover and stabilize their management."