120 billion won in interest refunded to 160,000 small business owners in secondary financial institutions

Kim So-young, Vice Chairman of the Financial Services Commission. [사진= 연합뉴스]

Approximately 160,000 small business owners who used second-tier financial institutions will receive interest refunds of up to 1.5 million won per person. The total amount of interest refund amounts to 120 billion won.

On the 4th, the Financial Services Commission held a meeting to inspect the status of interest refunds in small and medium-sized financial institutions and made this announcement. As a result of the Financial Services Commission previously accepting applications for interest refunds from the 18th to the 26th of last month, it is expected that interest worth about 116.3 billion won (provisional value) will be refunded to about 162,000 people during the first quarter. This corresponds to approximately 38.8% of this year’s expected interest refund of 300 billion won. The refund period runs until the 12th. The remaining amount will be paid at the end of the second, third, and fourth quarters upon application by the borrower according to the originally planned schedule.

Kim So-young, Vice Chairman of the Financial Services Commission, emphasized at the meeting that day, “We must carry out the project with the hope that this project will be felt as a welcome relief to small business owners who are struggling with high interest rates and high inflation.”

Vice Chairman Kim delivered recommendations such as △strengthening promotion and guidance for borrowers, △cooperating with financial institutions in the small and medium-sized financial sector for smooth business execution, and △methods of supporting small business owners other than interest refunds. The Financial Services Commission is currently accepting applications for interest refunds, and refunds for applications for the second quarter are scheduled to be processed from June 28 to July 5.

The interest support project for small business borrowers is for individual business owners and corporate small businesses that received business loans at an interest rate of 5% or more but less than 7% as of the end of last year. However, real estate rental, development, supply and financial business operators are excluded.

Reporter information Seongjun Park psj@ajunews.com

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