Special Financial Support for Lunar New Year



What ahead for this weekend? For our readers in Korea and China, you would have already marked your calendar with circles. It’s Lunar New Year’s Day on 10th of February, which is coming Sunday. Well, those of you living neither in Korea nor China may not exactly feel what this season’s greeting is about. Lunar New Year is one of the biggest occasions people celebrate and family gathers together.


However, not everyone fully enjoys this season’s greeting as some financial fluctuations are expected. SMEs’ entrepreneurs and low-income households are worried about possible ups and downs in financial markets. Recognizing this difficulty, FSC announced ‘special financial support’ for SMEs and low-income households. This measure is specifically designed for this Lunar New Year occasion, so as to supply financial sources according to plan.



With this new measure introduced, commercial banks and related financial policy entities are providing special funds with SMEs and households in need.


Total size of KRW 15.5 trillion is available for SMEs seeking financing, which is increased by KRW 3 trillion, compared to the last year’s financial support. Emergency fund of KRW 29 billion is planned to support traditional markets, small merchants, financially vulnerable and low-income households. The fund will be provided in forms of microcredit, Sunshine loans, and New Hope loans. For your specific needs, please visit the following websites. For SME financing, visit ‘One Stop Finance for Businesses’ at www.smefn.or.kr. For any other individual cases, please click ‘One Stop Finance for Low-income Households’ at www.hopenet.or.kr.


I would like to wrap up this post by introducing the other good news for you. If you go home during the long weekend for the Lunar New Year, you will have chance to go to bus terminal or train station. At there, information leaflets about various financial products will be distributed, letting you informed of what is new in financial market. Also, there will be some free financial services available at express rests. Some financial institutions will offer such services, letting you less tired of your long journey home in traffics.


Find out what kind of financial support is available for you. This specially designed fund will certainly ease your financial burdens and worries that you have thought of. And I really home you have a nice time with your family during the long weekend.



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