IBK Bank is set to provide 100 billion won in financial support to small and medium-sized enterprises (SMEs) that supply semiconductors to Hyundai and Kia.
On July 30, IBK Bank announced that it has signed a business agreement with Hyundai Kia and the Technology Guarantee Fund to implement the "Hyundai Kia Semiconductor Supplier Cooperative Financial Support" program.
This initiative aims to assist Hyundai Kia suppliers facing financial difficulties due to economic uncertainties, fluctuations in raw material prices, and the transition to future vehicles.
IBK Bank will contribute special funds alongside Hyundai Kia, which will enable the provision of low-interest guaranteed loans to the cooperating SMEs. The total support amount is set at 100 billion won.
Eligible companies will benefit from interest rate reductions of up to 1.3 percentage points and full coverage of guarantee fees for the first two years.
An IBK Bank official stated, "We will continue to expand various financial support programs to stabilize the supply chain of the industrial ecosystem and support the sustainable growth of SMEs."
* This article has been translated by AI.
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