South Korea prepares financial support for small businesses, builders By Reuters

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SEOUL (Reuters) – South Korea has planned financial aid measures for small businesses and construction companies hurt by high interest rates, the government said on Wednesday, amid growing concerns about demand for housing and real estate.

The government, together with commercial banks, plans to provide 40.6 trillion won ($30.3 billion) in financing to small and medium-sized companies through loan guarantees and low interest rates from April, the Financial Services Commission (FSC) said in a statement. his.

The ministry in charge of economic policy has also said that it will continue to expand its relationship with commercial banks that return interest to small businesses and self-employed people who have taken loans.

For builders who are struggling with the rising cost of raw materials and interest, the government will provide financial support through additional guarantees and additional loans to help them get financing for real estate projects that are seen as profitable, while accelerating support through its stabilization fund in the market, the FSC said.

Business sentiment in South Korea’s labor sector in April remained the weakest since November 2023, a survey of inter-industry companies showed on Wednesday.

In December, Taeyoung Engineering & Construction, a South Korean construction company, said it wanted to restructure its debt, citing financial problems in other construction companies.

($1 = 1,339.3200 won)

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