KB Savings Bank Waives Overdue Interest for Small Business Owners Affected by COVID-19
[Asia Economy Reporter Kim Min-young] KB Savings Bank announced on the 9th that it will support small business owners facing difficulties due to the spread of the novel coronavirus infection (COVID-19).
Starting today, KB Savings Bank will waive overdue interest for small business owners in tourism, travel, lodging, and food service sectors who have short-term arrears within 3 months due to COVID-19 damage, and will extend the loan term without additional principal repayment for loans reaching maturity. Additionally, a preferential interest rate of up to 1% per annum will be applied for new loans and loan term extensions.
The savings bank also announced plans to support new loans up to approximately 5 billion KRW for small business owners in difficulty through a special contribution from the Seoul Credit Guarantee Foundation.
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Shin Hong-seop, CEO of KB Savings Bank, said, “Many small business owners and citizens are going through difficult times due to the spread of COVID-19. We hope this financial support will help companies and citizens who have suffered damages, even if only a little.”
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