SEOUL, Feb 28 (Reuters) - South Korea’s central bank said on Tuesday it plans to increase support for small- and medium-sized businesses through its key loan facility as part of its efforts to prop up the economy.
In a report submitted to parliament, the Bank of Korea said it will improve credit policies of the Bank Intermediated Lending Support Facility, the bank’s main tool to provide cheap loans to small businesses.
The expanded support will go to companies that are active with hiring or are under hardships due to ongoing corporate restructuring, the report said, without elaborating.
The BOK last raised the special loan’s ceiling by 5 trillion won ($4.41 billion) to 25 trillion won in February 2016. ($1 = 1,134.6000 won) (Reporting by Cynthia Kim; Editing Shri Navaratnam)