Financial Services Commission Provides 80 Billion KRW in Financial Support Over 4 Days to Companies Affected by 'COVID-19'

Eun Sung-soo, Chairman of the Financial Services Commission, and Yoon Seok-heon, Governor of the Financial Supervisory Service, are attending the Macroeconomic Financial Meeting held at the Bankers' Hall in Jung-gu, Seoul on the 14th, exchanging opinions. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jo Gang-wook] In the four days following the announcement of financial response measures for companies, small business owners, and self-employed individuals affected by the novel coronavirus infection (COVID-19), 80 billion KRW has been provided.

The Financial Services Commission announced on the 16th that from the 7th, when the COVID-19 related financial support measures were announced, until the 12th, a total of approximately 79.92 billion KRW in financial support was provided over four business days.

During this period, policy financial institutions, banks, and card companies received a total of 6,092 financial support consultations and have decided to provide support for 601 cases so far.

The government had previously announced a financial support plan worth a total of 2 trillion KRW related to the COVID-19 situation. The financial support plan includes new loans and guarantees, maturity extensions and repayment deferrals, as well as preferential interest rates and guarantee fees.

In addition, the Financial Services Commission has also prepared a universal support program worth 14.7 trillion KRW to alleviate funding difficulties for companies and small business owners directly or indirectly affected by COVID-19.

The Financial Services Commission stated that it will closely monitor the impact of the COVID-19 situation on corporate finances and the economy, and actively implement financial support measures and universal financial support programs to prevent worsening funding difficulties for Korean companies due to COVID-19.

Furthermore, to ensure active support at the frontline of financial assistance, the Financial Services Commission plans to coordinate with the Financial Supervisory Service to exempt responsible personnel from liability in cases of support under this measure, provided there is no intentional or gross negligence.

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