[SPONSORED REPORT] Export-Import Bank introduces loan

On April 5, the state-run Export-Import Bank of Korea (Korea Eximbank) announced that it will introduce the “Speed Up Export and Import Loan” for small businesses. A total of 200 billion won ($164 million) will be provided to help small- and medium-sized enterprises (SMEs) suffering from the effects of the coronavirus outbreak.

SMEs that receive external audits and have suffered severe financial damage due to the coronavirus can qualify for the loan. The Speed Up Export and Import Loan will provide quick financial support for these businesses without requiring any collateral or credit rating. Only quantitative evaluations based on their financial statements will be required.

This Speed Up Export and Import Loan is a part of an emergency financial support program announced by Korea Eximbank on March 25. The maximum credit line will be 3 billion won, but materials, parts and equipment suppliers and companies with innovative growth could receive as much as 10 billion won.

After the loan was first released on March 31, a total of 6 billion won was given to five companies over four days. Currently, 80 companies are receiving financial consultation to get the loan.

Korea Eximbank has posted information about the loan on its website (www.koreaexim.go.kr), in addition to audio clips, news on social media and brochures to promote a better understanding of the loan program.

By cooperating with the government, Korea Eximbank is working hard to make sure the financial support program will be a success.

BY PARK JI-HOON [park.jihoon@joongang.co.kr]