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South Korea: 'Smile' Microcredit Gives Few Smiles to Needy
Yoon-mi, K.
The government-led Smile Microcredit Banks (SMBs) that opened this month to help low-income people get access to cheap loans are turning out to be of little help to the needy. Their insufficiency is mainly due to strict requirements and the concentration of bank locations in the Seoul metropolitan area.
The Financial Services Commission (FSC) noted that more than 4,000 people visited eight microcredit banks, launched by conglomerates and local lenders this month under the state-led microcredit lending program Smile Microcredit Bank. Data showed that only 400 of the 1,600 people who applied for the program from December 16-18, 2009 were eligible for it. Most of the applicants were unaware of eligibility requirements set by the SMB, according to FSC officials.
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Posted: 30 Dec 2009
Source: The Korea Herald
Originally Published: 29 Dec 2009
Related Links:
Samsung, Hyundai, Other Conglomerates Open Microcredit Branches in Korea
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