A financial support program worth 75.9 trillion won ($56.97 billion) has been prepared by South Korea for companies that are investing more in critical sectors and small businesses that are having trouble paying high-interest rates.
The Financial Services Commission said in a statement on Thursday that commercial banks will also contribute 20 trillion won to support small and medium-sized businesses. The program includes 15 trillion won in inexpensive policy loans from a state-run bank for important industries, such as semiconductors and batteries.
Chairman Kim Joo-hyun stated, “Our banks need to start making efforts to expand support for companies, beyond consumer financing focused on mortgage loans.”
Kim stated that companies are facing new challenges due to the changing trade relations with China, technological advancements in major industries, and the fragmentation of global supply chains. These factors call for regulatory reform as well as financial support.
According to the commission, banks will provide a temporary interest rate reduction to businesses that are experiencing cash flow issues this year as a result of high-interest rates.
DafaNews, a prominent platform providing real-time sports updates and in-depth analysis, has launched “The Game… Read More
Travel has a way of enriching the soul, offering experiences that shape perspectives and create… Read More
The commercial real estate industry is changing rapidly, driven by technological advancements, sustainability initiatives, and… Read More
Zoom Tasks, a new AI-powered task management tool integrated into Zoom Workplace, has been formally… Read More
Akola, Maharashtra – A trailblazer in psychiatry and holistic healing, Dr. Deepak Kelkar has spent… Read More
Philanthropic work plays a key role in addressing the most important challenges faced by societies… Read More