Commercial and residential buildings are lit up at dawn in Seoul, South Korea, Saturday, October 21, 2023. South Korea has prepared a 75.9 trillion won ($56.97 billion) financial support program for companies expanding investments in major and small sectors. Companies struggling due to high interest rates.
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South Korea has set aside a 75.9 trillion won ($56.97 billion) financial support program for companies increasing investment in key sectors and small and medium-sized enterprises suffering from the impact of high interest rates.
According to the Financial Services Commission, the program includes 15 trillion won worth of cheap policy loans from state-run banks for key industries such as semiconductors and batteries, and commercial banks will also provide 20 trillion won to support small and medium-sized enterprises. It is said that it will be provided. in a statement Thursday.
“Japan's banks need to start making efforts to expand support for businesses beyond consumer finance, which focuses on housing loans,'' said Chairman Kim Ju.
Kim said evolving trade relations with China, technological advances in key industries, and disruption of global supply chains are creating new challenges for businesses and increasing the need for regulatory reform and financial support.
According to the committee, banks will offer temporary interest rate cuts to companies facing liquidity problems due to high interest rates this year.
