Saneun Launches Preferential Interest Rate Products for Companies Affected by Novel Coronavirus

[Asia Economy Reporter Oh Hyung-gil] The Korea Development Bank announced on the 7th that it will prepare financial support measures to assist small and medium-sized enterprises (SMEs) and mid-sized companies struggling due to the novel coronavirus (Wuhan pneumonia) epidemic.

To support the liquidity of SMEs and mid-sized companies, the bank plans to extend the terms of existing loans, guarantees, and trade finance, as well as provide new working capital.

In particular, for new working capital, products offering up to a 1.0% preferential interest rate will be introduced, with limits of 5 billion KRW for SMEs and 7 billion KRW for mid-sized companies.

The Korea Development Bank will conduct a full survey of all branches by the end of January to identify affected companies and difficulties, and will continuously monitor the situation until it stabilizes. An emergency response system utilizing the Financial Difficulty Counseling Center will also be established to promptly support affected companies.

The support targets are SMEs and mid-sized companies that have suffered direct or indirect damage or are expected to be affected by the novel coronavirus outbreak, regardless of industry. Companies wishing to receive support can consult and receive assistance through nearby bank branches, the Financial Difficulty Counseling Center, or the Trade Finance Office.

A Korea Development Bank official explained, "In preparation for the spread of damage, we are also preparing additional support measures such as launching new specialized products, expanding the support targets of existing special operation products, and improving systems for rapid support."

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