6Major banks, Hyundai Motor, and KOTRA to support partner companies with 5hundred-million-won loans and overseas assistance

6Major commercial banks have agreed to provide low-interest loans of up to 5hundred million won to Homeplus partner companies. Investors are focusing on the measure in connection with easing partners’ short-term funding burden and securing continuity of deliveries.

Dongjak District announced that it would operate a special support program to help youth in crisis grow and become self-reliant on 7month 9day. The program is reported to consist of counseling and vocational training, among other services.

The Korea Trade-Investment Promotion Agency (KOTRA) and Hyundai Motor and Kia announced on 7month 9day that they would cooperate to expand exports by domestic auto-parts companies. The three institutions plan to focus their support on developing overseas sales channels and providing local networks.

All three announcements were released on 7month 9day. One focuses on financial support, another on regional welfare and workforce support, and the third on support for overseas sales channels.

This support will be implemented in different forms depending on the industry. Bank loans will be provided through financial channels, the Dongjak-gu project through local public services, and cooperation between KOTRA and a finished-vehicle manufacturer through export support.

The announcing parties said they would disclose specific implementation schedules and detailed conditions sequentially. For now, only the basic framework of the target recipients and support methods has been made public.