On the 21st, at the IBK Industrial Bank of Korea headquarters in Euljiro, Jung-gu, Seoul, Kim Seung-gwan, Executive Vice President of Korea Credit Guarantee Fund; Kwon Dae-young, Vice Chairman of the Financial Services Commission; and Yoo Il-kwang, Executive Vice President of IBK Industrial Bank of Korea (from left) pose for a commemorative photo during the signing ceremony for the “Joint Support for the Startup Build-up Program to Establish a Growth Ladder for Early-Stage Innovative Startups.” Provided by IBK Industrial Bank of Korea.
IBK Industrial Bank of Korea announced on the 21st that it has launched the “IBK Step-up Loan” to support startups whose growth potential has been verified. The total support size is KRW 300 billion. The bank plans to offer interest rate reductions of up to 1.2 percentage points for first-round support recipients and up to 1.5 percentage points for follow-up support recipients.
On the 21st, the bank signed a business agreement with Korea Credit Guarantee Fund for “Joint Support for the Startup Build-up Program to Establish a Growth Ladder for Early-Stage Innovative Startups.” To provide phased support for early-stage startups that face difficulties in raising funds due to short operating histories, it launched the dedicated IBK Step-up Loan product.
The IBK Step-up Loan is structured to provide phased support from the initial stage to follow-up financing once a startup’s growth potential has been verified. Eligible recipients are early-stage startups that have received a guarantee certificate under the agreement.
Yoo Il-kwang, Executive Vice President of IBK Industrial Bank of Korea, said, “We hope this support will serve as a starting point that offers new opportunities to early-stage innovative startups,” adding, “IBK will continue to do its utmost to support startups that fall into blind spots of the guarantee system.”
Jeong Bong-o
AI-translated with ChatGPT. Provided as is; original Korean text prevails.
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