Banks "100 Trillion Won Support Over 4 Months... Standing with SMEs and Small Businesses Affected by COVID-19 Until the End"

Source=Yonhap News

[Asia Economy Reporter Kim Hyo-jin] On the afternoon of the 22nd, the Korea Federation of Banks held a meeting with bank presidents invited by Lee Ju-yeol, Governor of the Bank of Korea, at the Bank Federation Hall in Jung-gu, Seoul. The meeting was attended by Governor Lee, Kim Tae-young, Chairman of the Korea Federation of Banks, and bank presidents from 15 banks.

According to the Korea Federation of Banks, the banking sector agreed at the meeting to do their best with the spirit of sharing an umbrella and accompanying each other to support small and medium-sized enterprises and small business owners facing difficulties until the novel coronavirus infection (COVID-19) stabilizes.

According to the Korea Federation of Banks, from February 7 to the 17th of this month, the banking sector provided support worth approximately 101.1 trillion won through new loans, maturity extensions, and interest payment deferrals to small and medium-sized enterprises and small business owners struggling due to COVID-19 over about four months. In addition, social contribution projects worth 29.1 billion won were carried out targeting vulnerable groups and small business owners.

Governor Lee Ju-yeol of the Bank of Korea expressed gratitude for the banking sector's active participation in measures to overcome the crisis, such as support for companies affected by COVID-19 and stabilization of the credit market, and urged the banking sector to engage in proactive and creative risk management in preparation for the possibility of prolonged COVID-19. He also held discussions on the challenges of finance in the 'post-COVID' era.