Credit Card Foundation and Korea Inclusive Finance Agency Expand Interest Rate Benefits to 30,000 Small Merchants
Credit Card Small Merchant Using Microfinance
Support for Interest Paid on Time
[Asia Economy Reporter Ki Ha-young] The Credit Card Social Contribution Foundation and the Korea Inclusive Finance Agency announced on the 12th that they will increase the support amount for preferential interest rates for credit card small merchants and expand the target of the interest support project for small merchants affected by COVID-19, which has been in effect since March last year.
With this support expansion, the existing preferential interest rate benefit of 1.0 percentage point will be raised to 2.0 percentage points. In addition, full interest support will be provided to small merchants in the metropolitan area, where COVID-19 damage has increased, benefiting approximately 30,000 people.
Previously, since December 2017, the Credit Card Foundation and the Korea Inclusive Finance Agency have been providing a special benefit of a 1.0 percentage point interest rate discount to credit card small merchants using microfinance loans for self-employed individuals. Until the third quarter of this year, about 48,000 cases and 640 million KRW in interest have been supported, easing the interest repayment burden of credit card small merchants.
In particular, since March last year, when COVID-19 began to spread in earnest, full interest support (normal payment for up to 6 months) has been urgently provided to credit card small merchants using microfinance loans whose business locations are in COVID-19 special disaster areas (Daegu, Cheongdo, Gyeongsan, Bonghwa).
Hot Picks Today
!["Rather Than Endure a 1.5 Million KRW Stipend, I'd Rather Earn 500 Million in the U.S." Top Talent from SNU and KAIST Are Leaving [Scientists Are Disappearing] ①](https://cwcontent.asiae.co.kr/asiaresize/93/2026051414165763158_1778735817.jpg)
"Rather Than Endure a 1.5 Million KRW Stipend, I'd Rather Earn 500 Million in the U.S." Top Talent from SNU and KAIST Are Leaving [Scientists Are Disappearing] ①
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- "Samsung Electronics Employees’ Average Monthly Compensation Reaches 12 Million Won in Q1...Highest on Record"
- Mother of Three Gang-Raped on Bus in India... Outrage as Bus Driver Implicated
- "I Hated Myself as Much as I Craved It"... Even a Mother's Tears and Brilliant Dreams Were Shattered [ChwiYakGukga] ⑦
Kim Joo-hyun, Chairman of the Credit Card Foundation, said, "The business conditions of credit card small merchants continue to deteriorate due to COVID-19," adding, "We planned this support expansion so that loans for business maintenance and improvement would not exacerbate difficulties."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
