Busan Expands SME Financing as High FX Rates and Oil Prices Persist

Busan said it will strengthen financial support to help stabilize local small and midsize enterprises hit by prolonged high exchange rates and oil prices following the Middle East war situation. The city will supply SME working-capital funds and allow companies whose working-capital loans mature this year to defer principal repayment for six months, while offering interest subsidies during that period to ease financing costs. Firms seeking support must pass a review by the Busan Economic Promotion Agency, receive a recommendation letter, and submit it to commercial banks. Busan also plans policy funds for joint raw-material purchases to reduce funding gaps caused by currency and oil-price pressures. Source: yna.co.kr