Bank of Korea Extends Temporary Special Support Period for SMEs by One Year
The Monetary Policy Committee (MPC) of the Bank of Korea announced on the 18th that it has decided to extend the deadline for temporary special support for small and medium-sized enterprises (SMEs) through financial intermediation support loans (based on bank loan handling) by one year, from the previous end of July 2024 to the end of July next year.
The MPC of the Bank of Korea had decided on January 11 to provide temporary special support to SMEs for six months from February to this month, utilizing a financial intermediation support loan limit of 9 trillion won.
The MPC judged that it is necessary to maintain this support measure as difficulties in business conditions, such as rising delinquency rates and increasing closures, continue mainly among vulnerable micro and small enterprises.
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In addition, it explained that from next month, funds will be managed focusing on relatively vulnerable sectors such as self-employed individuals to strengthen selective support.
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