Eximbank holds crisis response briefing for small businesses in Daegu
Lee Won-kyun, executive director and head of the SME finance group at Export-Import Bank of Korea (Eximbank), speaks during a briefing at the Daegu Trade Center, July 9. Courtesy of Korea Eximbank
The Export-Import Bank of Korea (Eximbank) held a briefing for small businesses in Daegu and North Gyeongsang Province to better navigate crises and prepare for financial risk events, the state-run lender said Thursday.
In attendance were 60 officials from state-run financial institutions, including the Korea International Trade Association and groups representing mid-sized enterprises and small businesses.
During the event, held at the Daegu Trade Center, the state lender introduced a package of financial and nonfinancial programs for small and mid-sized businesses, including the emergency response program and foreign exchange risk management strategies.
The lender said it will lower interest rates by as much as 2 percentage points for small businesses and mid-sized firms with low credit ratings. Also eligible are those struggling with wild fluctuations in their trade environments.
Eximbank said consulting services will be provided, including environmental, social and corporate governance strategies and new market growth strategies.
In addition, an automotive expert from the Korea Institute for Industrial Economics and Trade delivered a lecture on the impact of recent developments in U.S. trade policy on the automotive industry based in the region. The expert also shared strategies and countermeasures.
In the southeastern region, small and mid-sized businesses account for about 40 percent of the region’s total exports.
The export items are shifting from polyester fabrics to high-value items such as auto parts and battery materials.
The lender said it was committed to helping firms affected by external conditions stemming from tariffs and global economic uncertainties.
“We will mobilize our best efforts to reflect feedback from businesses in outlining our financial assistance programs to help them overcome the ongoing challenges,” Lee Won-kyun, executive director and head of the SME finance group at the lender, said during the briefing.
The lender plans to continue with similar briefings in Seoul, Chungcheong and Jeolla Provinces to better navigate the current challenges and promote its financial programs. (Advertorial)