Special Maturity Extension for SMEs Affected by Heavy Rain and Typhoons

Loan Maturity Extended by 1 Year for Companies with Principal Repayment Due This Year... Support for Business Normalization

Small and Medium Business Corporation

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young, hereinafter referred to as the Ministry) and the Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 20th that they will implement a special maturity extension to support the business normalization of small and medium enterprises (SMEs) affected by heavy rains and Typhoon Hinamno.

The support targets are existing loan companies located in special disaster areas that have received a certificate of disaster SME confirmation related to heavy rains or Typhoon Hinamno from local governments. The principal repayment must be due by the end of this year, and there must be no exclusions such as national or local tax arrears, financial institution delinquencies, or business suspension/closure.

Through this special maturity extension measure, the principal repayment on policy fund loans can be extended for one year. Minimum repayment requirements and additional interest rates will not be applied during the maturity extension. Detailed information on applying for the special maturity extension can be found on the SBC website.

Kim Hak-do, Chairman of SBC, emphasized, "Unpredictable natural disasters such as this heavy rain and Typhoon Hinamno can cause significant damage to the survival of our SMEs," adding, "We will provide multifaceted support including policy fund supply and management diagnosis along with easing financial burdens through maturity extensions to ensure the swift business normalization of affected SMEs."

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