FSC Chairman Koh Seungbeom held a meeting with the financial industry groups and state-backed financial institutions on March 23 and made a final decision to extend the availability of loan maturity extension and payment deferment for SMEs and small merchants for six more months until the end of September 2022. With a six-month extension on the availability of these support measures, SMEs and small merchants that have been either directly or indirectly affected by the coronavirus pandemic can apply for maturity extension and payment deferment on new and existing loans until the end of September 2022. The authorities also agreed to continue to make available the measures to help ease the payment burdens of businesses once these programs expire by offering one-on-one pre-consultation for rescheduling of debt payments.

* Please see press release for details.