Smile Microcredit Bank passes the 10,000-loan milestone

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Smile Microcredit Bank passes the 10,000-loan milestone

Smile Microcredit Bank, a low-interest loan provider run by Samsung Group, has provided 10,000 loans since its creation in December 2009, the company said yesterday.

The milestone is a first for a local microcredit bank.

In total, Loans worth 145.9 billion won ($141.3 million) have been made through Smile Microcredit Bank. The bank provides loans at interest rates of 2 percent to 4.5 percent to borrowers unable to get credit from commercial banks

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