August 10, 2017 / 2:01 AM / 2 years ago

S.Korea to increase support for SMEs with its loan facility

SEOUL, Aug 10 (Reuters) - South Korea’s central bank said on Thursday it plans to shore up support for small and medium-sized businesses through its key loan facility as part of its efforts to prop up the economy.

The Bank of Korea said in a statement that it would improve credit policies of the Bank Intermediated Lending Support Facility, the bank’s main tool to provide cheap loans to small businesses.

The improvement includes additional support of 3.6 trillion won ($3.16 billion) to companies that are actively creating jobs or those facing financial difficulties due to corporate restructuring undertaken by the conglomerates, the statement said.

The ceiling for the special loan will remain at the current 25 trillion won ($21.96 billion) after it was last raised by 5 trillion won last March. ($1 = 1,138.2500 won) (Reporting by Dahee Kim)

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