KB Kookmin Bank is stepping in to provide emergency financial support to small suppliers of Homeplus to prevent a chain of bankruptcies following the company's decision to terminate its rehabilitation process.
On July 7, KB Kookmin Bank announced its plan to offer urgent financial assistance to suppliers facing bankruptcy as Homeplus enters a bankruptcy phase. This initiative follows a meeting held the previous day, where the Financial Services Commission (FSC) convened a 'Homeplus Financial Sector Response Meeting' led by Secretary General Shin Jin-chang, with participation from the Financial Supervisory Service, the Korea Banks Association, five major commercial banks, and policy finance institutions to discuss support measures for suppliers.
During the meeting, the FSC urged banks to voluntarily and actively cooperate in alleviating financial difficulties faced by small suppliers who may be under pressure to repay loans.
KB Kookmin Bank plans to provide emergency working capital loans of up to 500 million won to suppliers in need of new funds, along with discounted interest rates. The support will be available to small and medium-sized enterprises and small business owners that transact with Homeplus. Companies that supply goods to or operate within Homeplus can apply for assistance by submitting relevant documentation.
For existing borrowers, the bank will implement measures to ease financial burdens. Loans that are due will be extended for up to one year without requiring partial principal repayment. During this extension, borrowers will receive interest rate benefits for up to one year. Additionally, for loans under installment repayment, principal repayment can be deferred for up to one year.
A representative from KB Kookmin Bank stated, "We will continue to actively support the management stability of small and medium-sized enterprises and small business owners facing temporary liquidity challenges."
On July 7, KB Kookmin Bank announced its plan to offer urgent financial assistance to suppliers facing bankruptcy as Homeplus enters a bankruptcy phase. This initiative follows a meeting held the previous day, where the Financial Services Commission (FSC) convened a 'Homeplus Financial Sector Response Meeting' led by Secretary General Shin Jin-chang, with participation from the Financial Supervisory Service, the Korea Banks Association, five major commercial banks, and policy finance institutions to discuss support measures for suppliers.
During the meeting, the FSC urged banks to voluntarily and actively cooperate in alleviating financial difficulties faced by small suppliers who may be under pressure to repay loans.
KB Kookmin Bank plans to provide emergency working capital loans of up to 500 million won to suppliers in need of new funds, along with discounted interest rates. The support will be available to small and medium-sized enterprises and small business owners that transact with Homeplus. Companies that supply goods to or operate within Homeplus can apply for assistance by submitting relevant documentation.
For existing borrowers, the bank will implement measures to ease financial burdens. Loans that are due will be extended for up to one year without requiring partial principal repayment. During this extension, borrowers will receive interest rate benefits for up to one year. Additionally, for loans under installment repayment, principal repayment can be deferred for up to one year.
A representative from KB Kookmin Bank stated, "We will continue to actively support the management stability of small and medium-sized enterprises and small business owners facing temporary liquidity challenges."
* This article has been translated by AI.
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