14-Day Financial Support of 1.4 Trillion Won for SMEs and Small Business Owners Affected by COVID-19

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission announced on the 28th that a total of 1.3914 trillion won in support was provided over 14 business days from the 7th to the 26th, in accordance with financial support measures for small and medium-sized enterprises, mid-sized companies, and small business owners related to the spread of the novel coronavirus infection (COVID-19).

Through policy financial institutions such as KDB Industrial Bank, IBK Industrial Bank, and the Korea Credit Guarantee Fund, 379.6 billion won was newly supplied, and the maturity of 13,125 existing loans and guarantees (607.4 billion won) was extended.

Commercial banks newly lent 81 billion won and supported 191 cases (135.8 billion won) through maturity extensions and repayment deferrals, while credit card companies provided 9.1 billion won in support through interest rate and overdue fee discounts, the Financial Services Commission explained.

By industry, support for the restaurant sector (530.5 billion won) was the largest. Each company received an average of 56 million won in support. During this period, approximately 50,000 consultations were conducted through the Financial Supervisory Service and consultation desks of each institution.

Financial Services Commission