IBK Industrial Bank of Korea said on 30 it will provide 200 billion won in financial support to small and medium-sized enterprises participating in the navy vessel maintenance, repair and overhaul (MRO) business.
To that end, IBK Industrial Bank of Korea signed a business agreement with the Korea Credit Guarantee Fund and the Korea Technology Finance Corp on financial support for SMEs participating in the navy vessel MRO business.
Eligible companies are SMEs with experience participating in the navy vessel MRO business or those planning to participate. IBK Industrial Bank of Korea plans to provide funds needed to carry out contracts and run operations in a timely manner by offering interest-rate cuts of up to 1.3 percentage points.
Kim Min-young (장민영), head of IBK Industrial Bank of Korea, said the financial support would help strengthen the competitiveness of the industrial ecosystem for vessel MRO, a future national growth engine. Kim said the bank would continue to support the growth of SMEs as a policy lender.
Lee Ji-young
ljy@d-today.co.kr