KB Kookmin Bank to Provide 15 Trillion Won Support to SMEs and Small Business Owners Ahead of Chuseok
6.2 Trillion Won in New Loans, 9 Trillion Won in Extensions
Loans Available Up to 1 Billion Won per Business
On September 2, KB Kookmin Bank announced that it will provide a total of 15.2 trillion won in support to small and medium-sized enterprises (SMEs) and small business owners who are experiencing management difficulties due to a temporary increase in funding demand ahead of the Chuseok holiday.
Of this amount, 6.2 trillion won will be for new loans, while 9 trillion won will be for loan maturity extensions.
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Each company can borrow up to 1 billion won within the range of required funds per business. To ease the financial burden for companies and small business owners, the bank will allow maturity extensions without requiring partial principal repayment at the time of maturity, and will also provide financial support such as deferral of installment payments. In addition, preferential interest rates of up to 1.5 percentage points will be offered for new loans and loan maturity extensions.
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