Chungnam, SME Policy Fund Loan Repayment 'Deferred'

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province announced on the 23rd that it has decided, in consultation with financial institutions, to grant repayment deferrals and maturity extensions for loans taken by local small and medium-sized enterprises (SMEs) using SME development funds.

The target companies are those within the province whose principal repayment dates fall between June and September of this year. These companies will be allowed to defer their maturity dates and principal repayments until December.

The province estimates that there are 1,164 companies eligible for loan repayment deferral and maturity extension until September. The total principal amount borrowed by these companies is approximately 33 billion KRW.

Repayment deferral and maturity extension decisions will be made after submitting supporting documents such as business registration certificates, financial statements, tax payment certificates, and guarantees to the lending financial institutions, which will then conduct an extension review.

Applications for June repayments will be accepted from June 1 to June 17, and for September repayments from September 1 to September 16.

For more details, please refer to the “SME Development Fund Principal Repayment and Maturity Extension Support Plan Notice” posted on the provincial website.

Kim Young-myeong, Director of the Provincial Economic Office, stated, “We hope that the loan repayment deferral and maturity extension measures will help improve cash flow for local SMEs and prevent deterioration in their management.”

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