28 Trillion Won Support Provided Over the Past Two Months to SMEs and Small Business Owners Affected by COVID-19

[Asia Economy Reporter Kim Hyo-jin] Approximately 28 trillion KRW in financial support has been provided over the past two months to small and medium-sized enterprises (SMEs) and small business owners affected by the novel coronavirus disease (COVID-19).

According to the Financial Services Commission on the 11th, from February 7, when the government announced its first financial support measures related to COVID-19, until the 6th of this month, a total of 319,000 cases amounting to 28.3 trillion KRW in funds have been supported.

Policy financial institutions provided 13.2 trillion KRW of this amount, while private financial companies such as commercial banks and card companies supported 15.1 trillion KRW.

By type of support, new loans and guarantees accounted for 13.7 trillion KRW, and extensions of maturity for existing loans and guarantees amounted to 13.5 trillion KRW. Additionally, 1.1 trillion KRW was provided through interest payment deferrals, export-import finance (letters of credit), interest rate and delinquency fee discounts, among others.

Support for small business owners was the largest at 13.6 trillion KRW. SMEs received 13.1 trillion KRW, and mid-sized companies were supported with 1.6 trillion KRW.

Provided by the Financial Services Commission

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