Financial Services Commission Chairman Lee Eok-won Visits Traditional Market to Encourage Merchants Ahead of Chuseok

[Financial News] Financial Services Commission Chairman Lee Eok-won visited Tongin Market in Jongno District ahead of Chuseok to hear about the difficulties faced by traditional market merchants and small business owners and to encourage them.
Lee Eok-won personally purchased meat, traditional Korean sweets and songpyeon while listening to merchants discuss recent conditions in traditional markets and the difficulties they face. He also explained the Financial Services Commission's tailored financial support measures aimed at easing the burden on small business owners.
Lee introduced the small-business-specific credit evaluation, or Small Business-specialised Credit Evaluation (SCB), which nine banks began piloting on Aug. 31. The evaluation uses nonfinancial information such as sales, business type and commercial district to offer small business owners with high growth potential a range of benefits, including loan approvals, higher credit limits and lower interest rates. Seven additional banks are expected to join by the end of the year.
He also announced that the Small Business The Dream Package, which was expanded and revamped in September, will provide 12.3 trillion won in specially tailored financing for startups, business difficulties and growth support, with lower interest rates and higher limits for small business owners. To ease their financial cost burden, the government will continue pursuing a three-part interest-rate relief package, including expanding the online loan-switching service, promoting the right to request lower interest rates and reducing early repayment fees.
He also outlined plans to expand funding by the financial sector before and after the Chuseok holiday. Policy-based financial institutions and banks are supplying a total of 102.6 trillion won to small business owners and others, he explained. For small business owners and self-employed people struggling with debt repayments, he promised stronger debt-adjustment support, including incentives for borrowers who make payments faithfully, expanded grounds for payment deferrals and broader links to employment and startup programs.
The Financial Services Commission said it will continue strengthening communication with financial market participants and stakeholders while pursuing efforts to reinforce the financial sector's social role and policy support.
[email protected] Park Moon-soo Reporter