Seoul: The government has announced the launch of a low-interest loan program aimed at supporting small and medium-sized enterprises (SMEs) that are struggling or are anticipated to struggle due to South Korea’s trade agreements with foreign countries, as reported by the industry ministry on Monday.
According to Yonhap News Agency, the Ministry of Trade, Industry and Resources will identify 30 companies that have experienced or are likely to experience a decline in sales or production capacity by more than 5 percent compared to the previous year. This decline is attributed to the implementation of trade agreements with international partners.
The selected companies will have the opportunity to apply for loans of up to 7 billion won (approximately US$4.6 million) at an interest rate of 2 percent. Additionally, the ministry aims to offer business consultation services to 20 firms to assist them in navigating the challenges posed by global trade uncertainties.