S. Korea to extend loan maturity again for pandemic-hit firms, merchants

16-Sep-2021 Intellasia | Yonhap | 5:02 AM Print This Post

South Korea’s financial regulator said Wednesday local banks will extend loan maturity and delay interest payments again for smaller firms and merchants hit hard by the COVID-19 pandemic.

Local lenders have decided to extend the measures by another six months until March next year, Financial Services Commission Chair Koh Seung-beom said in a meeting on small merchants.

Since March 2020, lenders have extended loan maturity for small and medium-sized enterprises and smaller shop owners by six months twice to help ease their financial burden caused by the COVID-19 pandemic.

Smaller merchants and self-employed people have suffered extended business slumps as the face-to-face service segments have taken a beating from the pandemic.



Category: Korea

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