Jungjingong Extends Application Deadline for Special Maturity Extension for SMEs Affected by COVID-19

Special Maturity Extensions of 2,610 Cases and Support of 368.4 Billion KRW by May... 76.7% Increase Compared to Previous Year

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Kwon Chil-seung, hereinafter referred to as the Ministry) and the Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 21st that they will extend the application deadline for special maturity extensions and repayment deferrals until September 30, considering the business conditions of small and medium enterprises due to the prolonged COVID-19 pandemic.

The eligible applicants are ▲manufacturing and distribution SMEs affected by production delays or delivery postponements from major clients ▲SMEs with export/import ratios of 20% or more suffering COVID-19 related export/import damages ▲companies in tourism, performance, exhibition, transportation industries, small hospitals and clinics, mask manufacturing, etc., whose principal repayments are due by the end of September and have been impacted by COVID-19.

For detailed information regarding special maturity extension applications, inquiries can be made to one of SBC's 32 regional headquarters or the SME Integrated Call Center. Chairman Kim Hak-do stated, "Although special maturity extensions were implemented from the beginning of the year until the end of May, covering loans amounting to 368.4 billion KRW, a 76.7% increase compared to the previous year, economic conditions have not improved due to COVID-19, so we have decided to extend the application period until September." He added, "SBC will utilize all policy measures available to support SMEs and startups to overcome difficulties as soon as possible."