S. Korea to extend loan maturity again for pandemic-hit firms, merchants

김덕현 / 2021-09-15 09:01:42
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bank loans-maturity extension
▲ This file photo shows bank officials consulting with customers seeking to get loans at a lender in Seoul. (Yonhap)

bank loans-maturity extension

S. Korea to extend loan maturity again for pandemic-hit firms, merchants

SEOUL, Sept. 15 (Yonhap) -- South Korea's financial regulator said Wednesday local banks will extend loan maturity and delay interest payments again for smaller firms and merchants hit hard by the COVID-19 pandemic.

Local lenders have decided to extend the measures by another six months until March next year, Financial Services Commission Chairman Koh Seung-beom said in a meeting on small merchants.

Since March 2020, lenders have extended loan maturity for small and medium-sized enterprises and smaller shop owners by six months twice to help ease their financial burden caused by the COVID-19 pandemic.

Smaller merchants and self-employed people have suffered extended business slumps as the face-to-face service segments have taken a beating from the pandemic.

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