write off Archives | Be Korea-savvy

Government to Forgive 480 Billion Won of Small Business Debt

SEOUL, Jul. 23 (Korea Bizwire) — The government has decided to acquire 480 billion won of debt incurred over 10 years ago by small business owners, of which most will be written off. Meanwhile, an additional 1 trillion won will be pumped into the “Make it Happen” loan program for small business owners, which was [...]

S. Korea to Write off Bad Debt for 1.59 mln People

SEOUL, Nov. 29 (Korea Bizwire) — South Korea’s financial authority on Wednesday announced that it will forgive up to 6.2 trillion won (US$5.7 billion) worth of bad debt, in the latest measure to help hard-pressed people who cannot pay back their debts. The move, which will affect some 1.59 million debtors, is aimed at reducing [...]