Loan interest support program

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Loan interest
support

The Loan Interest Support Program is an emergency management fund (operating fund) support project (shared growth cooperation project) for port cargo handlers and outbound freight forwarders experiencing management difficulties due to the COVID-19 crisis. The program reduces the interest burden of providers in financial institutions that have signed an agreement with the Corporation. It is a temporary support program to overcome COVID-19.

Feature and Benefit

Support for increased in corporate funds and financial costs due to prolonged effects of COVID-19

1. Loan interest support project

Main guarantee conditions
Classification	Details
Eligibility	National outbound cargo transportation service providers (Article 24.2 of the Marine Transportation Act), outbound passenger transportation providers of port cargo handlers (Article 3.1 of the Port Transport Business Act), Korea-China-Korea-Japan route.
Support criteria	Supported companies that meet at least one of the following criteria ① decreased sales in 2022 compared to 2019 ② decreased profit in 2022 compared to 2019 ③ less than 1 interest coverage ratio in 2022 ④ more than 250% debt-to-equity ratio in 2022
Support limitation	Limit of KRW 5 billion to one outbound port company and KRW 3 billion to another
Project scale	KRW 120 billion
Loan period	1 year
Interest rate for reduction	varies according to deposit interest rate and prime rate
Bank with agreement	Korea Development Bank, Industrial Bank of Korea, Woori Bank, Hana Bank, Suhyup Bank, Busan Bank, Kookmin Bank (7 banks)

Financial structure diagram

Business→Korea Ocean Business Corporation:①Application
Korea Ocean Business Corporation→Business:②Issuance of recommendation letter
Korea Ocean Business Corporation→Financial Institutes:③Notification to recommendation target
Business→Financial Institutes:④Application for loan
Financial Institutes→Business:⑤Review/Loan

Others

Recommendation for support

Application period : 2023.3.22.(Wed.) ~ Accepted all times until the end of application
How to apply : By mail or e-mail to the person in charge of the Corporation (submit original by mail)
Application : 5F, Bldg. C1, 38, Marine City 2-ro, Haeundae-gu, Busan, 48120 (U-don, Haeundae I'Park) Korea Ocean Business Corporation, Ocean Finance Department 2
Recommendation Criteria : Limited to companies that meet both application target and conditions

Loan application

Application period : 2023.3.22.(Wed.) ~ Until available
Application method : Apply for a lone using letter of recommendation issued by the Corporation at any of the affiliated banks (KB Kookmin Bank, Hana Bank,
　　　　　　　 IBK Industrial Bank, Suhyup Bank, BNK Busan Bank, Woori Bank, KDB Korea Development Bank).
Other matters : Decisions on loan conditions, e.g., interest rate, limit, and credit review authority, are made entirely by affiliated banks