Support for 'Installment Repayment' of COVID-19 Era Loans Exceeds 3,000 Cases for First Time This Year

[Economy 365]

The number of small business owners seeking to extend the repayment period for loans taken out during the COVID-19 pandemic is on the rise.

According to the Ministry of SMEs and Startups, the number of cases supported by the 'COVID-19 Affected Small Business Installment Repayment Program' reached 3,073 last month, surpassing the 3,000 mark for the first time this year.

This program is designed to support small business owners who utilized policy funds during the COVID-19 period by extending their loan repayment terms or providing interest rate reductions.

The number of supported cases has increased from 2,203 in January of this year to 3,073 last month.

By region, Gyeonggi Province accounted for the largest share at 24%, followed by Seoul at 14%.

Experts analyzed that the ongoing financial difficulties for small business owners are being driven by a combination of factors, including the conflict in the Middle East, U.S. tariff hikes, and sluggish domestic demand.

The Ministry of SMEs and Startups stated that it is currently reviewing whether to extend the program, which is scheduled to end this month.

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