Financial Services Commission Prepares Support Measures for Companies Affected by TMON and WEMAKEPRICE Payment Delays

Extension of Existing Loan Maturities and Repayment Deferrals
Emergency Financial Support for Business Difficulties

Financial authorities have prepared financial support measures for companies affected by delayed settlements from Tmon and Wemakeprice. In addition to extending the maturity and deferring repayment of existing loans, a new loan program will be established to provide emergency funds.

On the 29th, the Financial Services Commission, Ministry of SMEs and Startups, and Financial Supervisory Service held a meeting on financial support for companies affected by delayed settlements from Tmon and Wemakeprice to discuss these support measures. They requested cooperation from the financial sector to minimize financial difficulties for affected companies, and the financial sector agreed with the purpose and promised active support. Policy financial institutions such as the Korea Development Bank, Industrial Bank of Korea, Korea Credit Guarantee Fund, and Korea Technology Finance Corporation, as well as the Korea Federation of Banks, Korea Federation of Savings Banks, National Mutual Savings Banks Federation, and financial institutions handling advance payment loans such as KB Kookmin Bank, Shinhan Bank, and SC First Bank attended the meeting.

The Financial Services Commission and the Ministry of SMEs and Startups requested maturity extensions and repayment deferrals for existing loans for companies affected by delayed settlements. The financial sector and policy financial institutions agreed to actively cooperate by extending maturities up to one year, similar to support for companies affected by fires or floods. Banks handling advance payment loans will cooperate in extending the maturity of such loans to prevent delinquencies. Sales companies using advance payment loans will not have delinquencies registered or experience credit score reductions without fault.

To enable affected small and medium-sized enterprises temporarily facing liquidity crises to procure new funds at low interest rates, the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation will establish a guaranteed loan program worth over 300 billion KRW to provide emergency funds. Both organizations will develop specific products through consultations and establish the program as soon as possible.

Using the emergency management stabilization fund programs of the Small and Medium Business Corporation and the Small Enterprise and Market Service, 200 billion KRW in policy funds (loans) will also be provided to affected small business owners and SMEs. Detailed procedures and support information will be announced in August.

The Ministry of Culture, Sports and Tourism will operate an interest subsidy program (2.5~3 percentage points) for loans totaling 60 billion KRW targeting travel agencies and other tourism businesses.

An emergency response team composed of the Financial Services Commission, Ministry of SMEs and Startups, Financial Supervisory Service, related agencies, and sector-specific associations will be formed to comprehensively monitor the damage situation caused by delayed settlements and financial support responses. The Financial Services Commission stated, “We plan to enable affected companies to inquire about financial support and application procedures through various channels such as the Financial Counseling Center within the Financial Supervisory Service, financial industry associations, and individual financial companies as soon as possible.”

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