The Bank of Korea Expands Temporary Special Support for SMEs by 5 Trillion Won
On the 16th, the Financial Monetary Policy Committee of the Bank of Korea announced that it has decided to expand the temporary special support for small and medium-sized enterprises (SMEs) from the current 9 trillion won to 14 trillion won by utilizing the reserved portion of the financial intermediation support loan limit.
On the same day, the Monetary Policy Committee judged that it is necessary to strengthen liquidity support, focusing on low-credit self-employed individuals and SMEs located in provincial areas who are experiencing difficulties in business conditions due to sluggish domestic demand amid increased downside risks to the economy.
The additional 5 trillion won limit will support SME loan performance handled by financial institutions for one year from February 1, 2025, to January 31, 2026.
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The Bank of Korea stated, "This increase in the limit is expected to contribute to improving financial accessibility for relatively vulnerable sectors and alleviating the burden of financial costs."
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