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FSC to come up with a monetary policy in support of SMEs

According to Yonhap News,
Seoul=Yonhap News) by Kim nam gwon 

Financial Service Commission (FSC) announced a program launch, what they call ‘Boom up program’, on Feb. 2 which gives a financial support to SMEs, particularly those who plan to have a new facility or a production line this year. The program, set to start from the 10th, focuses primarily on forming a joint network among three major state banking institutions - Korea Development Bank (KDB), Industrial Bank of Korea (IBK) and the Export-Import Bank of Korea – to provide a dedicated equipment / facility financing loans worth KRW 4.5 trillion for SMEs. The loan term extends up to 15 years and the base rate is set to 1.5 percent.

An official at the FSC said “The loan rate varies depending on each credit score. Anyone who wish to take out loans can visit and ask at the service desk in KDB, IBK and the Export-Import Bank of Korea.”

Source Text

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Source: Yonhap News (Feb. 2 , 2020)

*This article was translated from Korean. 
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