BOK to increase loan program for small businesses, self-employed

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BOK to increase loan program for small businesses, self-employed

Citizens visit the Gyeongbok Palace in Jongno District in central Seoul on Jan. 27. [YONHAP]

Citizens visit the Gyeongbok Palace in Jongno District in central Seoul on Jan. 27. [YONHAP]

 
The central bank will ramp up a special loan program for small businesses and self-employed people to provide them with more liquidity amid multiple challenges, officials said Thursday.
 
The Bank of Korea (BOK) will extend the temporary special aid program to 14 trillion won ($9.78 billion) from the current nine trillion won starting next month, according to BOK officials.
 

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"We see the need to boost liquidity support for small firms, particularly those in nonmetropolitan areas, and self-employed people, given the current economic condition," a BOK official said.
 
The Korean economy is projected to present weak growth in 2025 on slowing export expansion and sagging domestic demand.
 
Political turmoil also continues to persist following impeached President Yoon Suk Yeol's short-lived martial law declaration in December, while uncertainties stemming from new trade and economic policies under the Donald Trump administration linger.
 
The BOK earlier offered a 1.9 percent growth outlook for the Korean economy this year. The projection is widely expected to be lowered.

YONHAP
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