iM Bank Expands Support for Regional Mutual Finance

iM Bank, led by CEO Hwang Byung-woo, is working towards mutual finance by continuously expanding special contributions to <a href="https://newsdirectory3com/%ea%b2%bd%ec%a0%9clast-living-itaewon-small-business-owners-confirm-special-support-from-the-government/" title="[경제]"Last living" Itaewon small business owners… Confirm special support from the government”>regional credit guarantee foundations. This effort aims to support the management difficulties of small and medium-sized enterprises and small business owners.

This year, iM Bank has made a special contribution of 32 billion won to local credit guarantee foundations, creating a total of 500 billion won in local mutual growth guarantee funds. A significant portion of this, 270 billion won, was used as a guarantee source for the ‘Daegu Metropolitan City Sangsaeng Traditional Market Special Guarantee Loan’, a special product with a loan limit of up to 400 million won and a loan term of up to 7 years.

This product, guaranteed by the Daegu Credit Guarantee Foundation and handled by iM Bank, sold out 60% in just three months after its launch. As of last June, it has provided loans worth 170 billion won, emphasizing iM Bank’s commitment to coexisting with small business owners and SMEs.

iM Bank has been actively practicing profit sharing with the local community by operating this product. The bank contributes more than 5% of its net profit as a local mutual growth fund after reflecting the reserve for bad debts. This effort led to iM Bank being selected as the ‘4th Mutual Growth and Cooperation Financial New Product’ announced by the Financial Supervisory Service in July.

Since the inauguration of President Hwang Byung-woo in 2023, special contributions to regional credit guarantee foundations have continued to increase. The Daegu and Gyeongbuk Credit Guarantee Foundations have shown an increase rate of more than 80% between 2023 and 2024.

iM Bank has also signed the ‘Wonju Small and Medium Business and Small Merchant Mutual Finance Support Agreement’ to provide rapid financial support to small and medium-sized businesses and SMEs in Wonju. Additionally, the bank made a special contribution of 1 billion won to the Gangwon Credit Guarantee Foundation in August.

Furthermore, iM Bank signed a ‘Gumi City Small Business Special Guarantee Business Agreement’ with Gumi City and Gyeongbuk Credit Guarantee Foundation and made a special contribution of 1 billion won.

Chairman Hwang Byung-woo stated, “iM Bank, a regional commercial bank that provides various support for regional coexistence, will faithfully fulfill its corporate responsibility by providing coexistence and cooperation financial products that work closely with ordinary citizens, small business owners, and SMEs in each region through its conversion to a commercial bank.”