Export-Import Bank Provides 200 Billion KRW Support to SMEs Affected by COVID-19 Through Fast-Track Review

Supply of 200 Billion KRW Through Expedited Review via Simplified Evaluation for External Audit SMEs
High Corporate Response with 6 Billion KRW Supported Within 4 Days of Implementation

[Asia Economy Reporter Kangwook Cho] The Export-Import Bank of Korea announced on the 5th that it is actively providing funds to small and medium-sized export-import companies struggling due to the impact of COVID-19 by implementing the 200 billion KRW-scale 'Small and Medium Speed-up Export-Import Loan.'

The 'Small and Medium Speed-up Export-Import Loan' supports loans based solely on quantitative evaluation of financial statements without separate collateral requirements or credit evaluation procedures when small and medium-sized enterprises subject to external audits suffer operational damage due to COVID-19, enabling rapid funding support. Due to the nature of the program, which quickly conducts simplified evaluations based only on financial ratings, support is available for externally audited companies whose financial statement reliability is secured.

This is part of the emergency financial support measures announced by the bank on the 25th, with a loan limit of up to 3 billion KRW per company. For companies in the innovative growth or materials, parts, and equipment industry sectors, the limit is expanded up to 10 billion KRW. It will be operated temporarily until the end of September, and the loan limit is calculated within 100% of the export-import performance over the past six months within the company limit. The interest rate is preferentially supported up to 0.90 percentage points.

Since the loan started on the 31st of last month, 6 billion KRW has been provided to five companies within four days. Currently, about 80 companies are undergoing loan consultations, indicating strong responses from companies.

In addition, the bank has posted detailed information on its website to guide the overall emergency financial support program and plans to produce additional promotional materials such as videos, SNS card news, and brochures to help interested companies easily understand the program according to their individual situations.

It is also conducting related branch video conferences and employee training through the internal intranet to ensure that the financial support program proceeds smoothly.

The bank is actively cooperating with the government and related organizations to support Korean companies in overcoming COVID-19. On the 7th, it will explain the bank’s financial support measures for automobile and automobile parts companies at a briefing hosted by the Korea Automobile Manufacturers Association, and on the 9th, it will provide guidance on support measures for small and medium-sized enterprises through a joint online briefing by policy financial institutions* broadcast live on the Korea International Trade Association’s YouTube channel.

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