Small and mid-sized firms, owners of very small businesses and self-employed people in South Korea that are struggling to make ends meet due to the coronavirus outbreak can begin applying for special emergency loans from Wednesday.
The Ministry of SMEs and Startups says they can apply for an immediate, low-interest loan of up to eight,two-hundred U.S. dollars.
Explaining it has implemented a smart waiting system to stop a big rush, the ministry says it expects to process over two-thousand loans every day.
The interest rate on the loans is a flat one-and-a-half percent.
This is part of President Moon Jae-in's small business rescue package worth 39 billion dollars that was announced last month as a response to the coronavirus pandemic.