On May 26, IBK Industrial Bank announced that it had signed a "Financial Support Business Agreement for Building a Growth Ladder for SMEs and Mid-sized Companies in the Field of Innovative Growth" with the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation, and would provide financial support worth 1 trillion KRW to help outstanding small and medium-sized enterprises grow into mid-sized companies.
IBK Industrial Bank plans to supply necessary funds in a timely manner according to the stage of growth from SME to mid-sized company, using credit guarantees secured by a special contribution of 60 billion KRW.
The support targets are prospective mid-sized (small and medium-sized) companies in fields such as innovative growth and export leadership. Through IBK Industrial Bank's own interest rate reduction program, they can receive an interest rate reduction of up to 1.3 percentage points.
Kim Sungtae, president of IBK Industrial Bank, stated, "We hope that financial support for the sustainable growth and scale-up of promising SMEs and mid-sized companies will help build a corporate growth ladder and enhance the dynamism and global competitiveness of our economy."
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