S. Korea to extend loan maturity for small businesses until next March
Updated: 2021-09-16 07:52:54 KST
South Korea is to extend loan maturity for small businesses and mom-and-pop stores.
Finance Minister Hong Nam-ki announced at an emergency economic meeting on Thursday that he'll defer the principal repayments for small firms for 6 months until next March.
The government plans to support borrowers by coming up with a long-term repayment plan.
The ministry also said it would expand its cashback scheme for credit card payments
so that consumers can also get cash back for online purchases.
The system gives consumers up to 100-thousand won or about 85 U.S. dollars cash back per month, if they spend at least 3 percent more on their credit cards than their average monthly consumption in the second half of last year.