IBK Bank has implemented debt adjustments and debt forgiveness totaling 213.8 billion won for over 4,700 borrowers from January to September this year to support small businesses and vulnerable borrowers in their economic recovery.
According to IBK Bank on October 9, the bank launched the 'Restart Business Debt Adjustment' program for long-term delinquent borrowers in March, followed by the 'Coexistence Recovery Support' program for small businesses. In August, the bank also initiated the forgiveness of long-term delinquent debts.
The bank provided tailored debt adjustments, including principal repayment deferrals and interest rate reductions, to 256 small businesses facing management difficulties, amounting to 1.14 trillion won. IBK plans to expand the support to over 500 businesses annually.
For 737 long-term and small delinquent borrowers, the bank conducted debt adjustments that reduced principal by up to 95%. Additionally, it forgave 71.3 billion won in long-term delinquent debts for 3,788 vulnerable individuals with no assets.
IBK Bank aims to expand the scope of long-term delinquent debt forgiveness to over 5,000 individuals, totaling 120 billion won, by December.
IBK Bank President Jang Min-young stated, "We are providing practical support for recovery through debt forgiveness and debt adjustments for long-term delinquent borrowers. We will continue to implement inclusive financial policies that vulnerable borrowers can feel."
* This article has been translated by AI.
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