[한국방송/이광일기자] The loan principal repayment maturity extension and interest repayment deferral measures for SMEs and small businesses affected by Corona 19 will be extended for six months until the end of September.
The Financial Services Commission announced on the 2nd that the decision was made in consideration of the continuing social distancing and the difficulties of medium and small business owners.
In particular, under the consensus that the majority of mid-sized and small business owners sincerely repay interest even in difficult situations such as a sharp drop in sales, and the financial sector also share the pain, repayment is deferred so that the borrower’s repayment burden does not lump after the grace period ends in October A plan for a soft landing of loans was also specified.
◆ Extension of maturity and repayment delay measures
Taking into account the impact of Corona 19 on the real economy and opinions of industry and financial sectors, it was decided to extend the previous measures for six months until the end of September.
Through a relay meeting in the financial sector, opinions were gathered on the necessity of extending maturity extensions and deferred measures for interest repayment, specific plans and periods.
The detailed implementation details are applied in the same manner as the’Guidelines for Deferring Loan Principal Repayment and Interest Repayment’ announced on March 31 of last year.
Mid-term and small business owners who have applied for extension of maturity or repayment deferral can also reapply if the maturity arrives within the extension period and the grace period ends.
The interpretation of laws and regulations related to maintaining the existing asset quality classification standards for extended maturity and redemption deferred loans (including when applying the soft landing plan) is also maintained.
Policy financial institutions also extend the maturity and postpone interest repayment when applying for loans and guarantees for medium-term and small business owners whose maturity is due within September 30th.
In addition, 14 commercial and regional banks will extend the maturity of the secondary preservation loan programs for small businesses by one year.
◆ Repayment Deferred Loan Plan for Soft Landing
Small and medium-sized enterprises and small business owners who meet the requirements of the’Guidelines for Deferring Expiration and Repayment’ may apply for deferment of repayment or extension of maturity by September 30th.
For the borrower who applied, the financial company provides preliminary consulting so that the borrower can select the best repayment method after the grace period ends.
In addition, the’Five Principles of Soft Landing Support’ is applied so that various long-term and installment repayment methods can be selected in consideration of the situation of individual borrowers.
In addition, when applying for a repayment deferral, financial companies provide opportunities for use to borrowers by providing their own programs suitable for the borrower’s situation.
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The repayment method that the borrower can select is ▲ repayment twice the existing monthly repayment amount (maintaining maturity) ▲ repayment by 1.2 times the existing monthly repayment amount (extending the maturity longer than the grace period) ▲ the same as the existing monthly repayment amount, then 1.5 Repayment by double (grant period) ▲Principle repayment in installments similar to the existing monthly repayment amount ▲Partial repayment of principal and interest at half of the existing monthly repayment amount.
For loans with repayment deferred, abnormal signs, etc., are continuously monitored. Financial companies plan to closely monitor changes in the repayment ability of borrowers, such as closed business, delinquency in commerce, and credit card usage, and plan to promptly recommend a support plan to help the borrower when the borrower identifies any signs of repayment difficulties.
In addition, we will continue to promote the soundness management of financial companies by preemptively accumulating provisions.
For inquiries and on-site difficulties in the process of applying for expiration of maturity and repayment and the soft landing plan, the dedicated counter in the’Financial Supervisory Service Corona 19 Financial Assistance Special Consultation Center’ (No. 1332→6) and support centers for each business sector We plan to closely monitor and respond quickly to matters received through the website.
It has been decided not to sanction any aggressive measures by financial companies against medium-term and small business owners affected by Corona 19, such as extension of maturity, suspension of repayment, and application of soft landing measures, unless there is intentional or gross negligence.
Inquiries: Financial Services Commission Banking Division (02-2100-2954), Small and Medium Business Venture Business Department Corporate Finance Division (042-481-4388), Financial Supervisory Service Supervision Bureau (02-3145-8001)
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