Bank of Korea Gwangju-Jeonnam Headquarters Strengthens Financial Support for SMEs Affected by COVID-19

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] The Bank of Korea Gwangju-Jeonnam Headquarters (Head Kim Yoon-ki) has decided to strengthen financial support for self-employed individuals struggling due to COVID-19.

The Bank of Korea Gwangju-Jeonnam Headquarters is providing low-interest loans (annual 0.25%) totaling 650 billion KRW, limited to self-employed individuals and small and medium-sized enterprises in the service sector, which has been relatively severely affected.

Working capital loans of up to 500 million KRW per company with a maturity of up to one year are being offered, and the application deadline has been extended by six months from the original September 30 to March 31 of next year.

For small and medium-sized enterprises, up to 50% of the loan performance is supported, while for self-employed individuals and low-credit (credit rating 6 to 10) small and medium-sized enterprises, 75% of the corresponding amount is supported.

Meanwhile, manufacturing and agriculture, forestry, and fisheries sectors excluded from this support can apply for new loans under the existing 'Local Small and Medium Enterprise Support Program.'

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