IBK Industrial Bank of Korea and Suwon City Launch Special Support for Facility Investment in Startups

For Startups Within 7 Years of Establishment
Ultra-Low Interest Rates Starting from 1% for Business Site Purchases

IBK Industrial Bank of Korea announced on the 15th that it had signed a "Special Support for Facility Investment in Startups" business agreement with Suwon Special City.

This agreement combines the Industrial Bank of Korea's "Special Support Program for Facility Investment in Startups" with Suwon City's "SME Development Fund" (hereinafter referred to as the Development Fund) to support the growth of small and medium-sized enterprises within seven years of establishment. The program is scheduled to be implemented in the first half of next year.

The target beneficiaries are small and medium-sized enterprises within seven years of establishment that wish to purchase business sites and make facility investments in Suwon. Through its own program, the Industrial Bank of Korea will offer an interest rate reduction of up to 1.5 percentage points, and Suwon City's Development Fund will provide an additional reduction of up to 2.0 percentage points. As a result, companies can receive a total interest rate reduction of up to 3.5 percentage points, enabling them to access financial support at ultra-low rates starting from the 1% range.

On the 15th, at the business agreement ceremony held at Suwon City Hall in Paldal, Suwon, Kim Sungtae, President of IBK Industrial Bank of Korea (left), and Lee Jaejun, Mayor of Suwon Special City (right), are posing for a commemorative photo after concluding the agreement ceremony. Industrial Bank of Korea

In addition, working capital support will be provided to small and medium-sized enterprises that receive facility funding through this agreement. When using guarantees from the Korea Credit Guarantee Fund or the Korea Technology Finance Corporation as collateral, companies can receive an additional interest rate reduction of up to 1.3 percentage points. Customized consulting in production, organization, and financial management will also be provided to help ensure the sustainable growth of these businesses.

On the same day, the Industrial Bank of Korea also signed a "Mutual Growth for the Designation of Suwon Free Economic Zone and Promotion of Attracting High-Tech Enterprises" business agreement with Suwon City. This agreement is expected to help revitalize the local economy and attract high-tech companies to the area.

Kim Sungtae, President of the Industrial Bank of Korea, stated, "As a reliable partner of Suwon City, we will actively cooperate to make Suwon a business-friendly city," adding, "We will continue to provide ongoing support to vitalize Suwon's startup ecosystem."