Loans from the ‘Individual Business Loan 119’ hit US$ 425 bil. in H1, up 43.6% y/y


The number of small business owners borrowing
money using what’s called “Individual Business Loan 119” has increased sharply in the first
half of the year. According to the Financial Supervisory Service,
the total amount lent via that program was more than 4-hundred-25 million U.S. dollars
during H1, up over 43 percent compared to the same period last year. The number of loans has also increased 40
percent on-year, with nearly 5-thousand-8-hundred cases recorded. Created in 2013, “Individual Business Loan
119” is run by 15 Korean local banks, to help small business owners extend their loan maturity
date… or cut interest rates. The FSC attributed the increase to the minimum
wage hike, which resulted in more of them having financial difficulties.

One comment on “Loans from the ‘Individual Business Loan 119’ hit US$ 425 bil. in H1, up 43.6% y/y”

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