iM Bank will triple the size of a mutual growth fund it runs with Korea Gas Corp to 60 billion won from 20 billion won. The two institutions plan to contribute 30 billion won each to support funding for small and medium-sized companies and small merchants in the Daegu and North Gyeongsang region.
iM Bank said on Oct. 29 it signed an expanded business agreement with Korea Gas Corp on a mutual growth fund for a better local economy.
Under the agreement, the two institutions will create a total 60 billion won mutual growth fund on a one-to-one matching basis, with each contributing 30 billion won. The money will be used as loan funding for small and medium-sized companies and small merchants in the Daegu and North Gyeongsang region.
iM Bank expects the expanded fund to help improve local companies' funding conditions and support business stability and stronger competitiveness.
Jeong-hoon Kang (강정훈), CEO of iM Bank, said, "This expansion of the mutual growth fund is intended to ease the financial burden on local small and medium-sized companies and small merchants and support stable business operations."
Ji-young Lee
ljy@d-today.co.kr