IBK Industrial Bank to Provide 100 Billion Won in Support for Certified SMEs

Baek Sang-hyun, head of the Credit Operations Group at IBK Industrial Bank (from right), Ko Seo-gon, executive vice president of the Korea Industrial Technology Association, and Lee Jae-pil, executive director of the Technology Guarantee Fund, pose for a commemorative photo on June 24 at the Korea Industrial Technology Association building in Seocho, Seoul, during the signing ceremony for the 'Financial Support for Certified SMEs' agreement. [Photo=IBK Industrial Bank]

IBK Industrial Bank is set to provide 100 billion won in financial support to foster the growth of small and medium enterprises (SMEs) with strong technological capabilities.

On June 24, IBK Industrial Bank announced that it has signed a memorandum of understanding with the Technology Guarantee Fund and the Korea Industrial Technology Association to enhance financial access for certified SMEs facing funding challenges during their growth phases.

Under the agreement, the bank plans to implement the 100 billion won financial support program for certified SMEs starting in July. Eligible companies will be those recommended by the Korea Industrial Technology Association and certified by the Technology Guarantee Fund. Selected firms can receive operating funds of up to 3 billion won each. Additionally, they will benefit from a 0.5 percentage point reduction in guarantee fees for two years and a maximum interest rate reduction of 1.3 percentage points.

An IBK official stated, "This financial support aims to strengthen the financial assistance framework for SMEs with technological innovation capabilities. We will continue to actively support the growth of technology companies and enhance industrial competitiveness through collaboration with relevant organizations."

* This article has been translated by AI.

Kim yoon seop angks678@ajunews.com