iM Bank to offer W1tr in special Chuseok loans

iM Bank said Tuesday it will offer special Chuseok loans to ease cash-flow pressures on small and medium-sized enterprises and small business owners ahead of the holiday, as part of efforts to support the regional economy.

The program will total 1 trillion won — 500 billion won ($364 million) in new loans and 500 billion won in maturity extensions. The application window runs Monday through Tuesday.

Each business may borrow up to 1 billion won, with funds designated for operating expenses such as payroll and raw materials purchases.

"I hope these special Chuseok loans provide real help to local small and medium-sized enterprises and small business owners facing difficulties," iM Bank President Kang Jeong-hun said. "We will do our best to grow alongside small businesses and self-employed entrepreneurs through a range of financial support programs."