Kim Byeong-hwan, the Chairperson of the Financial Services Commission, said on the 8th that he urged the banking sector to ensure that small business owners are not unable to apply for financial support programs due to a lack of knowledge.
On the same day, Kim visited the Shinhan Bank branch in Jung-gu, Seoul, to check on the implementation of the banking sector's financial support program for small business owners. Also present at the site visit were Lee Jae-yeon, the President of the Korea Financial Inclusion Agency, Jin Ok-dong, the Chairman of Shinhan Financial Group, and Lee Tae-hoon, the Executive Vice Chairman of the Bankers Association. The Financial Services Commission, in collaboration with the banking sector, developed the financial support program for small business owners starting from last month.
Since the 2nd of last month, banks have begun offering tailored consulting for small business customers related to startup, operation, and closure. Additionally, since the 18th of last month, debt restructuring measures, including long-term installments and interest rate reductions, have been implemented for borrowers in arrears. Other policies, such as refinancing loans for self-employed individuals who have closed their businesses and additional loans for diligent borrowers under the Haetsal Loan program, are also currently in effect.