Funding Aims to Boost Local Economies Amid Uncertain Market Conditions
Small Businesses, Start-ups and ESG Leaders in Three Regions to Benefit From Joint Low-Interest Loans
Camco (Korea Asset Management Corporation) and IBK Industrial Bank have joined forces to provide 20 billion KRW in financing to small and medium-sized enterprises (SMEs) in the Busan, Ulsan, and Gyeongnam regions, hoping to ease local funding shortages and stimulate economic growth.
The partnership agreement, titled “Comprehensive Win-Win Financial Cooperation for SME Support in Busan, Ulsan, and Gyeongnam,” was formally signed at IBK Finance Tower in Jung-gu, Seoul, on the 26th and announced by the two institutions on the 27th. This collaboration aims to increase financial support to SMEs in the three regions, which are facing management challenges due to ongoing domestic and global economic uncertainties. The pact especially seeks to realize the value of mutual growth and cooperation.
Eligible recipients include SMEs located in the regions who are either new businesses, venture companies, eco-friendly enterprises, or those actively pursuing ESG (Environmental, Social, Governance) management practices.
Under the agreement, Camco will deposit 10 billion KRW with IBK Industrial Bank and make an additional donation of 50 million KRW to subsidize interest costs. Leveraging these resources, IBK Industrial Bank will roll out a new low-interest loan program totaling 20 billion KRW, dubbed the “Co-Prosperity Growth Partnership Loan,” tailored to support local businesses.
Beneficiary companies can access loans of up to 300 million KRW over two years at a rate 0.5 percentage points below standard market rates, with an additional reduction of up to 1.4 percentage points possible depending on credit rating and each company's contribution to the local economy.
The new loan product is scheduled for release by the end of this month. Interested businesses may consult and apply through IBK Industrial Bank branches and customer service centers in Busan, Ulsan, and Gyeongnam.
Seojoong Kim, Vice President of Camco, commented, “This partnership will provide tangible help to SMEs in the region experiencing difficulty due to sluggish domestic demand and trade risks. We will continue to work with various institutions to contribute to the community and foster a spirit of shared growth.”
Note “This article was translated from the original Korean version using AI assistance, and subsequently edited by a native-speaking journalist.”
Photo=Camco
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