“KB Kookmin Bank announced on the 7th that it will proactively provide customized financial support for small business owners and key strategic industries through early execution of special contributions to credit guarantees and financial support for the Lunar New Year holiday.
Kookmin Bank plans to supply approximately 2.7 trillion KRW in new funds to support vulnerable small businesses and key strategic industries. It has agreements with the Credit Guarantee Fund, the Korea Technology Finance Corporation, the Korea Federation of Credit Guarantee Foundations, and 17 regional credit guarantee foundations nationwide to execute special contributions totaling 105 billion KRW early, providing funds secured by agreement guarantees.
The support targets of the Credit Guarantee Fund and the Korea Technology Finance Corporation are vulnerable small businesses, such as Death Valley companies within five years of establishment and small businesses possessing technology but lacking collateral and creditworthiness, as well as small and medium enterprises in key strategic industries.
The regional credit guarantee foundations target small business owners and self-employed individuals within the region, and they can receive financial assistance in conjunction with local government small business policy funds (including interest subsidy loans).
Companies that have received non-financial services from Kookmin Bank are also included in the support targets, with plans to provide both financial and non-financial services. This includes companies supported by KB SOHO Consulting Service, KB ESG Consulting, KB Innovation Hub Center tenants, and companies hiring new employees through KB Good Job Job Fairs.
Additionally, Kookmin Bank will conduct financial support for small businesses ahead of the Lunar New Year holiday until February 14th. The total support amount is 15.1 trillion KRW (6.1 trillion KRW in new funds and 9 trillion KRW in maturity extensions) with preferential interest rate benefits of up to 1.5 percentage points.
A Kookmin Bank representative stated, “We hope to achieve tangible outcomes in supporting small businesses and small business owners who are experiencing difficulties due to the economic downturn.” The representative added, “We will actively fulfill the bank’s social responsibility by providing various programs to ensure smooth financial support and reduced financial costs for small business owners who are often excluded from financial support.”