IBK Industrial Bank of Korea said on Monday it will run a 'productive finance' dedicated review team to support innovative growth at small and medium-sized enterprises.
The team was created to respond quickly to funding demand from innovative companies in semiconductors, secondary batteries, biotech and AI. It comprises 40 specialists, including professional loan reviewers, certified public accountants and analysts, to boost the speed and efficiency of funding supply.
The bank will introduce a system to complete reviews within three business days and reflect consulting results from specialised technology evaluators in the review. It plans to support swift funding supply even for companies with weak financial statements but strong technology.
It will also run a "head office re-review process" for loans rejected or delayed by review centres, building a tighter support system so technology companies are not left out.
An Industrial Bank of Korea official said, "By operating the dedicated review team, we will support the activation of productive finance and, through swift funding supply to SMEs with technological strength, lay the groundwork for expansion."
Ji-young Lee
ljy@d-today.co.kr