Commissioner Kim Byung-hwan visited the site of financial support counseling for small businesses in the banking sector on the 27th to check the operational status.
On that day, Chairperson Kim visited the KB Kookmin Bank Chungmuro Station Comprehensive Financial Center near Inhyun Market in Jung-gu, Seoul. At this meeting, Chairperson Kim listened to the management status and difficulties of small business owners and said that they would actively support the banking sector to ensure that financial support programs for small businesses are implemented without any setbacks.
The banking sector finalized the customized debt restructuring (119Plus) and business closure support programs among the financial support measures for small businesses announced in December last year, and started pre-counseling on programs, preparation documents, and expected launch schedules from today. Customized debt restructuring is a program that provides long-term partitioning repayment of up to 10 years and interest rate reductions to borrowers expected to have difficulties repaying debts. The business closure support program assists those planning to close their businesses or former business owners in gradually paying off their remaining loans with partitioning repayment of up to 30 years (with a grace period of 2 years) and low-interest refinancing at around 3%.
Chairperson Kim noted, "Since the counseling center is where various support programs are actually delivered to customers, please prepare thoroughly to ensure substantive counseling takes place," and added, "Please actively promote the support programs so that small business owners do not miss out on applying due to lack of knowledge." Lee Hwan-joo, president of KB Kookmin Bank, said, "We are making full preparations to ensure smooth counseling for small business owners on-site," and added, "We will support various programs that enhance the competitiveness of small businesses and provide practical assistance, including consulting services that provide management and financial support know-how, such as the 'visiting KB SOHO mentoring school.'"