Korea Federation of SMEs: "Loan Maturity Extension and Interest Payment Deferral Will Help SMEs Overcome Crisis"

Korea Federation of SMEs

[Asia Economy Reporter Kim Heeyoon] The Korea Federation of Small and Medium Business (KSMB) welcomed the additional extension of bank loan maturity and interest repayment deferral measures announced on the 27th, stating that it will help small and medium-sized enterprises (SMEs) overcome management crises.

In a statement, KSMB said, "The additional extension of bank loan maturity and interest repayment deferral announced this time will be a great support for SMEs and small business owners who have suffered damages such as decreased sales due to COVID-19, as it extends not only loan maturity but also interest repayment deferral simultaneously amid concerns of a resurgence of the novel coronavirus infection (COVID-19)."

It added, "According to a survey conducted in July targeting 274 SMEs, 78.1% responded that an additional extension of loan maturity and interest repayment deferral is necessary. Since the loan maturity extension and interest repayment deferral measures implemented in April played a significant role in helping SMEs and small business owners overcome the crisis, this additional extension measure is also expected to aid in crisis recovery."

KSMB further stated, "To prevent temporary liquidity problems for SMEs due to the prolonged COVID-19 pandemic, we urge financial authorities to respond smoothly and promptly through on-site monitoring," and added, "The SME sector will also work together and cooperate to overcome the COVID-19 crisis."

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