IBK Industrial Bank of Korea will provide 500 billion won in financial support to help small and medium-sized and mid-sized companies develop AI technology and adopt AI systems.
The bank said on Monday it will launch a specialised financial product, the 'AI Great Transformation Leap Loan'.
The product was prepared as part of expanding productive finance that supplies funds to future high value-added industries.
The bank plans to focus on supporting the growth of AI technology companies and related downstream industry companies, and helping AI adopters with heavy initial investment burdens shift to AI.
Eligible companies are small and mid-sized and mid-sized firms pursuing technological innovation and AI transition. The bank will provide working capital and facility funding of up to 3 billion won per company. It will offer interest-rate reductions of up to 1.5 percentage points.
A bank official said, "We prepared this product so that small companies can secure new growth opportunities amid industrial environment changes driven by the great AI transformation."
Ji-young Lee
ljy@d-today.co.kr