Financial Support Exceeding 30 Billion Won Over 3 Days for Companies Affected by COVID-19

Financial Services Commission Reviews Implementation of Financial Sector Measures Related to COVID-19
6,000 Inquiries Received in 3 Business Days Following Financial Sector Response Plan Announcement on the 7th

On the 13th, the Financial Services Commission held a financial situation review meeting at the Government Seoul Office, chaired by Vice Chairman Son Byung-du, to check the implementation status of the 'Financial Sector Response Measures Related to COVID-19' announced on February 7. Vice Chairman Son is delivering the opening remarks.

[Asia Economy Reporter Kangwook Cho] More than 30 billion KRW has been provided over three days following the announcement of financial sector response measures for companies, small business owners, and self-employed individuals affected by COVID-19.

On the 13th, the Financial Services Commission (FSC) held a 'Financial Situation Review Meeting' chaired by Vice Chairman Son Byung-du, and announced that such financial support had been provided during the three business days since the 'COVID-19 Related Financial Sector Response Measures' announced on the 7th.

According to the FSC, during this period, policy financial institutions such as the Financial Supervisory Service, Korea Development Bank, and Korea Credit Guarantee Fund conducted consultations with companies affected by COVID-19 via telephone and branches, receiving about 6,000 inquiries over three days. Most inquiries were about new loans and guarantees, with 91% conducted by phone.

In the policy finance sector, a total of 20.1 billion KRW was supported, including loans (new loans of 1.8 billion KRW and maturity extensions of 2.5 billion KRW) and guarantee extensions (11.8 billion KRW). Additionally, commercial banks provided approximately 10.6 billion KRW in support to 23 affected companies, including new loans of 1.26 billion KRW (9 cases), maturity extensions of 810 million KRW (4 cases), principal repayment deferrals of 4.93 billion KRW (6 cases), and interest payment deferrals of 3.55 billion KRW (4 cases). Card companies supported small merchants with about 2.5 billion KRW (289 cases) through interest and late fee discounts, and 170 million KRW (47 cases) through interest-free installments and deferred payment billing.

By industry, many inquiries came from small business owners and self-employed sectors with frequent customer contact, such as lodging, travel, restaurants, retail (clothing), leisure, kids cafes, academies, laundries, fitness centers, and skin care clinics. The FSC also explained that there were inquiries related to manufacturing (electronics and auto parts) importing or distributing goods from China, as well as warehousing and transportation industries.

Vice Chairman Son said, "We will regularly check whether the support measures are being properly implemented in the future," and added, "We plan to continuously listen to financial difficulties and expand the scope and scale of support if necessary."

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