Gyeongbuk Development Corporation and IBK Industrial Bank to Provide Up to 200 Million KRW in Low-Interest Loans to Over 300 Wildfire-Affected Small Businesses

On April 23, Gyeongbuk Development Corporation (President Lee Jaehyuk) signed a "New Win-Win Growth Cooperation Agreement" with IBK Industrial Bank to support companies affected by wildfires. Through this agreement, operating funds with low interest rates will be provided to wildfire-affected businesses using deposits established by the two organizations.

The large-scale wildfire that broke out in Uiseong in March and spread to areas such as Andong and Cheongsong affected a total of 301 businesses, including 68 small and medium-sized enterprises and 233 small business owners. Based on the signed agreement, the two organizations will establish a total loan limit of 4 billion KRW and provide low-interest loans to wildfire-affected businesses, with a maximum support limit of 200 million KRW per business and an interest rate reduction of up to 2.9%.

President Lee Jaehyuk of Gyeongbuk Development Corporation (left) and Kim Sangwook, Head of IBK Industrial Bank Daegu Gyeongbuk Western Region Headquarters, are posing for a commemorative photo after signing a win-win growth cooperation agreement.

For example, if the calculated loan interest rate for an affected business is 5.5%, a 1.5% interest rate reduction will be applied first. Additionally, depending on the company's credit rating and transaction contribution, an additional reduction of up to 1.4% may be granted. In such cases, the affected business will be able to secure funding at a final interest rate of 2.6%.

Lee Jaehyuk, President of Gyeongbuk Development Corporation, stated, "Due to the recent large-scale wildfire, small and medium-sized enterprises and small business owners, who are the driving force of the local economy, have suffered severe damage. Although it may be limited, I hope this support will help them achieve rapid business stabilization and recovery." He added, "In addition to this financial support, we are also considering various support measures such as forming and operating disaster recovery teams in cooperation with local public institutions, carrying out housing repair activities, and providing emergency access to public rental housing owned by the corporation. As the leading public enterprise in Gyeongsangbuk-do, we will do our utmost to devise and implement various measures for the swift recovery of the affected areas and to support disaster recovery efforts."