The Industrial Bank of Korea announced on the 26th that it has signed a memorandum of understanding for financial support to establish a growth ladder for small and medium-sized enterprises in the field of innovative growth with the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation.
The three institutions plan to provide 1 trillion won in financial support to boost the growth of high-quality small and medium-sized enterprises. The Industrial Bank of Korea plans to timely supply necessary funds based on credit guarantees secured with a special contribution of 60 billion won according to the company's growth stage. Eligible recipients include prospective medium-sized (small) enterprises and medium-sized enterprises in fields such as innovative growth and export leadership. Through the Industrial Bank of Korea’s own interest rate reduction program, eligible companies can receive interest rate reductions of up to 1.3 percentage points.