South Korea Eases Microcredit Conditions
Ha-won, J.

The South Korean government has agreed to ease credit conditions for loans being offered by the nation’s microcredit operations led by Smile Microcredit Bank in response to complaints that previous requirements were too strict. Smile Microcredit Bank was set up last December in response to a government proposal to improve conditions for providing loans to low-income people.

The Financial Services Commission, the government’s top financial policy maker, announced the changes to the loan conditions by the microcredit bank, which offers low-interest loans to the poor hoping to set up their own businesses or solve financial problems affecting existing businesses.  

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Related Links:

South Korea: 'Smile' Microcredit Gives Few Smiles to Needy

South Korea: Can Microcredit Bank Make Profit?

Samsung, Hyundai, Other Conglomerates Open Microcredit Branches in Korea

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