IBK announced on March 7 that it launched IBK Value Growth Loan to support small and medium-sized enterprises (SMEs) that are expected to see their corporate value grow.
The move is in honor of winning the Asian Banker’s “Best SME Finance Bank in Asia and Korea” Prize and Global Finance’s “Best SME Finance Bank in Korea” Prize in February.
IBK Value Growth Loan is a specialized loan product worth one trillion won.
It provides preferential interest rates and limits for working capital, as well as facility loans to share the experience of winning the global awards with customers and to identify and support promising Korean SMEs.
The plan targets export and ESG management companies, innovative and technology-powered and ESG management companies, digital transformation companies, companies for inclusive finance (small businesses, early-stage startups, social enterprises), and family-friendly companies. Its interest rate cut can peak at 1.3 percentage points.
“We hope that this support will help SMEs grow in value,” an IBK official said. “We will continue to make every effort to play our roles as a policy financial institution.”
SME Employee Vacation Support Program
IBK announced on March 6 that it will recruit companies to participate in the SME Employee Vacation Support Program.
As part of the program, IBK, together with the Korea Tourism Organization, pays vacation expenses to improve the welfare of SME employees. Since its launch in 2023, the program has expanded every year, with a total of 12,000 participants this year, up from 6,000 in 2024.
Travel expenses are paid through a system in which companies and employees jointly set up a travel fund, and the Bank of Korea and the Korea Tourism Organization each provide 100,000 won for vacation expenses.
The funds can be used to purchase domestic travel products, such as accommodation, travel packages, transportation and more on Vacation Shop, an online shopping mall dedicated to the program.
“Through steady SME worker welfare promotion projects, we will improve the quality of jobs at SMEs to help the SMEs attract talented workers and actively support them to work for a longer period of time,” an IBK official said.
Foreign Exchange Target Achievement Challenge’ Event
IBK announced on March 7 that it will hold the Foreign Exchange Target Achievement Challenge for SMEs that exported goods worth less than $100,000 through IBK in 2024 until June 30.
Customers can apply for the event by selecting their export targets (Target 1 is $100,000 and Target 2 is $500,000) directly on the IBK website.
Those who achieve their targets will receive preferential exchange rates and foreign exchange fees, as well as various prizes.
IBK will provide preferential exchange rates of up to 80 percent and foreign exchange fee cuts of up to 50 percent for the top 450 companies that attained their goals during the promotion period.
Various prizes will be given to the top 40 companies with the highest cumulative export performance during the period.
Agreement with Commerzbank AG
IBK announced that it signed a business agreement with Commerzbank AG in Frankfurt, Germany, on March 6 to provide support for SMEs in both countries.
The agreement focuses on practical cooperation in various fields including global business expansion such as sharing IB business opportunities, funding and trade finance, joint investment to foster startup companies, and financial support for companies in both countries.
“This cooperation will help Korean and German companies lay the foundation for growth in the global market,” IBK President Kim said.
“IBK will continue to expand its international cooperation with global financial institutions to support the sustainable growth of Korean companies, including their overseas business.”
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