Saemaeul Geumgo Increases Emergency Loan Limit for 'COVID-19' to 100 Billion Won

[Asia Economy Reporter Kim Min-young] Saemaeul Geumgo announced on the 11th that it will increase the emergency loan limit to 100 billion KRW to participate in overcoming the novel coronavirus infection (COVID-19) crisis.

Since early last month, Saemaeul Geumgo has been providing emergency financial support such as emergency loans, maturity extensions, and repayment deferrals for customers affected by COVID-19. As of the 10th, it has supported 10.3 billion KRW in emergency loans (1,069 cases) and 64.9 billion KRW in repayment deferrals (756 cases).

Among these, the emergency loan support limit will be increased from the existing 50 billion KRW to 100 billion KRW.

Emergency loans are provided without credit evaluation within the damage scale to members such as small business owners or self-employed individuals who need urgent funds, and preferential interest rates suitable for each Geumgo's circumstances are applied.

In addition to Saemaeul Geumgo's financial support (emergency loans, repayment deferrals, etc.) for small business owners in the Daegu area struggling due to the spread of COVID-19, it plans to participate in the Small Enterprise and Market Service's COVID-19 fund support for management difficulties. Accordingly, loans for supporting small business owners in Daegu City will be implemented starting from the 16th.

Park Cha-hoon, Chairman of the Saemaeul Geumgo Central Association, stated, "As a native financial institution, Saemaeul Geumgo will actively participate in overcoming the COVID-19 crisis."

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