Microcredit: how has it been managed?

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Good afternoon folks.

Exhausted by another hot and stuffy day? We all hope this hot summer cools down soon, as it is August now. As always time goes so fast, time flies again this year. It’s already August, which means that we have gone through nearly two-thirds of this year! I think it’s a good idea for all of you to stop for a while and think of what you set for your yearly plan. In this regard, FSC also released its ‘Microcredit Report’ for the first half-year along with further plan for the rest of the year.

During the first half of this year, nearly KRW 130 billion was available for microcredit loans. This shows an overall increasing trend in availabilities of microcredit loans. The total size of accumulated microcredit loans amounts to more than KRW 600 billion since the establishment of microcredit system.

What’s more than these fascinating figures? That is, financial support has been enhanced for the financially excluded groups, especially the youth and small merchants. Low-income youth and university students are the beneficiaries of ‘Living expense Loans for urgent need’, while ‘Transfer Loan’ eases their burden of high interest rates. The small merchants running their businesses in a traditional market place are also supported by various loans. Microcredit branches are building a partnership with traditional markets for the purpose of strengthening the financial capabilities of those small merchants.

A good system cannot be utilized to its fullest extent, if it is not easily accessible. Keeping this in mind, microcredit branches have opened up more branches. Also, for user’s convenience and accessibility, ‘Financial Support Center for Low-Income Households’ is operating in local branches. Individuals can have a consultation and receive advice at those centers. Follow-up programs are running to facilitate users’ financial recovery.

The overview of the first half-year for microcredit seems successful, indicating that more low-income households are supported by microcredit loans. The rest of the year will follow this bright trend, continuously focusing on users’ accessibilities for microcredit loans! Share this with your friends who are suffering from financial difficulties. And let’s keep our eyes on what will have been achieved by the end of this year.

 

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