Priority 250 Billion KRW Released for SME Financing to Combat Novel Coronavirus

Ministry of SMEs Visits D Company in Siheung, Gyeonggi... Holds Meeting with SMEs and Cooperatives, Promises Prompt Response

Park Young-sun, Minister of SMEs and Startups

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups announced that Minister Park Young-sun held an on-site meeting with small and medium-sized enterprises (SMEs) to respond to the spread of the novel coronavirus infection (Wuhan pneumonia) by visiting construction equipment manufacturer D Company located in Siheung, Gyeonggi Province on the 4th, following her visit to Taerim Industry in Changwon, Gyeongnam on the 3rd.

At the meeting, Minister Park promised to provide 250 billion KRW in emergency loans and special guarantees to SMEs facing difficulties due to raw material and product import/export issues, as well as small business owners suffering from reduced consumption. Minister Park said, "China is the country with the largest trade volume with Korea, and many SMEs have factories in China or export to China, so damage is expected. We are closely monitoring the situation and implementing phased response measures," adding, "If SMEs cooperate with each other, especially through cooperatives, they will be able to overcome the difficulties."

Minister Park also stated, "The Ministry of SMEs and Startups is preparing 250 billion KRW in policy finance for SMEs and small business owners facing difficulties and will communicate continuously with the field to respond as quickly as possible."

This content was produced with the assistance of AI translation services.