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Government Unveils Expanded Loan Program for Small Businesses with Low Credit Scores.

Seoul: The government announced a significant expansion to its low-interest loan program targeted at small business owners with low credit scores. This initiative is part of a broader package of support measures designed to bolster the financial health of small enterprises, as confirmed by the finance ministry. According to Yonhap News Agency, the expansion was unveiled during a meeting of economy-related ministers, chaired by Finance Minister Choi Sang-mok. Originally slated for Wednesday, the meeting was postponed due to the emergency martial law declared by President Yoon Suk Yeol late Tuesday. The new measures will see an additional 200 billion won (approximately US$141 million) allocated to the loan program, increasing the total funding to 800 billion won. The finance ministry revealed that this expansion is expected to benefit an additional 8,000 small business owners, raising the total number of beneficiaries to around 33,000. This move underscores the government's commitment to providing crucial fin ancial support to small businesses, especially those struggling with low credit scores, as part of its broader economic strategy.

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