KB Kookmin Bank Implements Inclusive Finance for Small Business Owners and Youth with Diverse Support Programs

'Interest Cashback for Small Business Owners' Conversion Guarantee-Backed Loan Program
Selected as an Exemplary Case at the Financial Supervisory Service's 'Win-Win Cooperation Financial New Product' Event
The Largest Financial Support Package in the Banking Sector at 372.1 Billion KRW... Various Inclusive Finance Programs Underway

On July 31, KB Kookmin Bank announced that it is actively promoting customized inclusive finance initiatives for groups in need of practical financial support, such as small business owners and young people.

Most notably, since March this year, KB Kookmin Bank has been operating the 'Interest Cashback for Small Business Owners' Conversion Guarantee-Backed Loans' program to ease the interest repayment burden on small business owners. This program provides cash refunds to customers who have refinanced their loans using a conversion guarantee from a regional credit guarantee foundation. For one year from the refinancing date, customers receive a cash refund equivalent to 2 percentage points of the loan interest rate out of the interest they pay on time. The program is worth a total of 10 billion KRW, and it is expected that more than 20,000 small business owners will benefit from the interest refund.

In particular, on July 30, the 'Interest Cashback for Small Business Owners' Conversion Guarantee-Backed Loans' program was selected as an exemplary case at the 6th Win-Win Cooperation Financial New Product event hosted by the Financial Supervisory Service. It was recognized as a leading example of inclusive finance that supports people's livelihoods.

Alongside these effective financial support measures, KB Kookmin Bank is also actively pursuing a variety of inclusive finance programs this year. The bank has prepared the largest financial support package in the banking sector, totaling 372.1 billion KRW, to reduce the interest burden on self-employed individuals and small business owners through a 'common program,' while also operating a 'voluntary program' that broadly supports vulnerable groups.

The voluntary program consists of the following: Interest Cashback for Conversion Guarantee-Backed Loans, the KB Small Business Owners Support Project, and the Entrepreneurial Small Business Owner Development Agreement Guarantee. It also provides free legal aid services to individuals applying for personal rehabilitation or bankruptcy discharge who fall into legal blind spots. In addition, support is provided for self-reliance preparation for the next generation and for projects such as the 'KB 1,000 KRW Breakfast' initiative.

Furthermore, KB Kookmin Bank contributed 66.7 billion KRW to regional credit guarantee foundations in the first half of this year to help resolve funding difficulties and support the growth of small business owners and self-employed individuals. Based on this, the bank is currently supporting loans totaling 1 trillion KRW.

A KB Kookmin Bank representative stated, "We hope that more customers will enjoy practical benefits through our various inclusive finance programs," and added, "We will continue to do our best to fulfill our corporate social responsibility so that everyone can access financial services without discrimination."