Hong Nam-ki: "Policy Finance Supply of 500 Trillion Won... 302 Trillion Invested in Small Businesses and SMEs" (Update)

Government to Announce 'Seol Minsheng Measures' on the 20th
Financial Support for Small Businesses and SMEs Expanded to 302 Trillion Won

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks at the '27th Emergency Economic Central Countermeasures Headquarters Meeting' held on the 20th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, announced on the 20th that "this year's policy finance will be expanded by about 16 trillion won compared to last year's plan, supplying approximately 500 trillion won."

At the 27th Emergency Economic Central Countermeasures Headquarters meeting held at the Government Seoul Office on the same day, Deputy Prime Minister Hong stated, "In particular, financial support for small business owners and small and medium-sized enterprises (SMEs) and mid-sized companies has been expanded to about 302 trillion won." The government will invest a total of 494.8 trillion won in policy finance to support areas affected by the novel coronavirus disease (COVID-19), the Korean New Deal sectors, and strengthening industrial competitiveness.

Deputy Prime Minister Hong said, "First, financial support for small business owners and SMEs and mid-sized companies vulnerable to COVID-19 damage has been expanded to 301.9 trillion won, an increase of 16.9 trillion won compared to last year's plan."

Additionally, funds amounting to 17.5 trillion won plus alpha (+α) will be invested in New Deal projects such as special online lending for nurturing New Deal companies and promoting the K-New Deal globally. Furthermore, 101.6 trillion won in policy finance will be supplied to strengthen industrial competitiveness.

Finally, Deputy Prime Minister Hong added, "To strengthen industrial competitiveness, we plan to supply 57.3 trillion won for supporting innovative growth in the BIG3 sectors (system semiconductors, biohealth, future cars), 27.2 trillion won for the materials, parts, and equipment industry, and 23.2 trillion won to accelerate industrial structure innovation."

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