Loan extension for small and medium-sized business people

Loan extension for small and medium-sized business people

The financial authorities will

 extend the loan maturity and interest

 repayment postponement measures by 

six months for SMEs and small 

business owners affected by Corona 19.

The Financial Services Commission 

announced on the 27th that it would extend

 these measures by six months until the

 end of March next year by synthesizing 

the impact of Corona 19 on the 

real economy and

 opinions of the financial industry.

Due to the prolonged corona 19

, it was considered that the difficulties 

of mid-priced and small business owners 

continue, and the financial burden is not large given

 the deferred interest repayment performance.

 

Small and medium-sized enterprises

 and small business owners who have already 

applied for a maturity extension and interest 

repayment postponement once again can apply

 for a maturity extension and interest repayment

 postponement once the maturity

 reaches within the extended period.

For example, a business operator 

whose loan maturity was extended until 

the end of November, when the loan 

maturity arrived at the end of May, can 

apply for one more extension and 

extend the repayment of the

 loan principal until at least May next year.

In addition, the interpretation of laws 

and regulations related to maintaining

 the existing asset quality classification

 criteria for extended maturity and 

repayment deferred loans is maintained.

Policy financial institutions plan 

to support mid-sized companies that have 

supported the extension of the maturity 

of loans and guarantees until the end 

of March next year.

Inquiries: Banking Division,

  Financial Services Commission (02-2100-2951)