Financial Services Commission to Prepare Additional Extension Measures for Maturity Extension and Repayment Deferral

[Asia Economy Reporter Song Hwajeong] The Financial Services Commission has decided to prepare additional extension measures for the loan maturity extension and repayment deferral for small business owners and self-employed individuals, which were implemented after the COVID-19 pandemic.

On the 21st, the Financial Services Commission released a statement regarding the supplementary budget for small business owners and quarantine support, which was approved by bipartisan agreement in the National Assembly, saying, "When the supplementary budget was approved, the National Assembly presented a supplementary opinion urging the prompt preparation of additional extension measures for the maturity extension and repayment deferral across all financial sectors." It added, "We plan to prepare additional extension measures for the maturity extension and repayment deferral, comprehensively considering the intent of the supplementary opinion and the quarantine situation."

The Financial Services Commission explained, "This year, due to the re-spread of COVID-19 variants, the easing of quarantine measures has not progressed, exacerbating the management difficulties of small business owners and self-employed individuals," and added, "We plan to conduct sufficient consultations, including gathering opinions from financial sectors currently operating the maturity extension and repayment deferral measures."

Together with the Financial Supervisory Service, the Financial Services Commission is conducting detailed micro-analyses of the management and financial conditions of self-employed individuals, and based on the analysis results, plans to prepare customized measures suited to their situations.

The Financial Services Commission added, "We will continue multifaceted policy efforts to ensure that small and medium-sized enterprises and small business owners do not suddenly face difficulties in repaying funds or experience financial usage hardships."

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