The financial authorities have prepared financial support measures for companies affected by delayed settlement with TMON and Wemakeprice, including extending the maturity and repayment deferment of existing loans and establishing new loan programs to provide emergency funds. On the 29th, the Financial Services Commission, the Ministry of SMEs and Startups, and the Financial Supervisory Service held a meeting to discuss these support measures. Financial institutions, including Industrial Bank, KEB Hana Bank, Credit Guarantee Fund, and Technology Guarantee Fund, as well as banking associations, participated in the meeting to show their support.
The Financial Services Commission and the Ministry of SMEs and Startups requested the extension of the maturity and repayment deferment of existing loans for companies affected by delayed settlements. Financial institutions and policy financial institutions agreed to actively cooperate by extending the maturity of existing loans for up to one year in line with the support for fire and flood-affected companies, to prevent delinquency of loans handled by institutions dealing with settlements. Companies using such loans will not have their credit scores affected by delinquency without just cause.
Additionally, in order to help small and medium-sized enterprises facing temporary liquidity crises to procure new funds at low interest rates, a new loan program of over 300 billion won through Shinhan Bank and Woori Bank has been established. Both parties will develop specific products and promptly launch the program.
Furthermore, the emergency management stabilization fund programs of the Small Enterprise and Venture Business Administration and the Small Business Market Promotion Administration will also provide policy funds (loans) of 20 billion won to support affected small businesses and small merchants. Detailed procedures for support will be announced in mid-August.
The Ministry of Culture, Sports, and Tourism will operate a secondary guarantee business for a 600 billion won loan program for travel agencies and tourism operators.
A task force for emergency responses has been established by the Financial Services Commission, the Ministry of SMEs and Startups, and the Financial Supervisory Service, in collaboration with related agencies and industry associations. It will oversee the situation of companies affected by delayed settlements and provide comprehensive financial support. The Financial Services Commission stated that affected companies can inquire about financial support, application procedures, etc., through various channels within the Financial Supervisory Service, financial industry associations, individual financial companies, and more.