Korea Citibank Provides Special Financial Support to Companies Affected by COVID-19

[Asia Economy Reporter Kim Min-young] Korea Citibank announced on the 2nd that it will provide special financial support to small business owners and small and medium-sized import-export companies affected by the novel coronavirus infection (COVID-19).

It will support additional loans of up to 500 million KRW per company for small business borrowers and offer preferential interest rates within a maximum annual rate of 1.0%.

In addition, loans maturing within three months from the date of damage occurrence will be exempted from mandatory repayment, and maturity extensions will be supported.

For borrowers whose loans mature before the due date, measures such as deferral (reduction) of installment repayments or interest reductions for up to six months will be implemented. Furthermore, overdue borrowers directly affected by COVID-19 will receive a waiver of overdue fees for up to three months, and especially for borrowers in the Daegu and Gyeongbuk regions, loan extensions through non-face-to-face methods will be made possible.

Financial support plans for small and medium-sized import-export company borrowers include extending export-import financing and waiving fees related to export-import transactions to help overcome the crisis.

Along with this, in response to the recent spread of COVID-19, masks and hand sanitizers will be provided to prevent infections among vulnerable groups. These support items will be prioritized for welfare facilities for relatively infection-vulnerable groups, such as facilities for people with multiple disabilities and welfare facilities for elderly people with dementia and stroke. Additionally, recovery supplies will be provided to medical staff responsible for public health in the Daegu and Gyeongbuk regions to encourage them.

A Citibank official said, “We will actively participate in efforts to prevent the spread of COVID-19 and overcome damages by supporting small business owners, small and medium-sized import-export companies, vulnerable groups, and medical staff who are experiencing difficulties due to COVID-19.”

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