‘Corona direct hit’ is the best loan ever for self-employed people

398 trillion won at the end of last year… 48 trillion won in a year
Service industry loans also increased by 139 trillion won to 881 trillion won

The amount of money borrowed by a self-employed person from a bank reached nearly 400 trillion won, the largest in history in a year. It is interpreted that there are so many people who are in debt due to the spread of the novel coronavirus infection (Corona 19). According to the Bank of Korea on the 3rd, as of the end of December of last year, the balance of loans to non-incorporated companies of deposit banks, mostly self-employed loans, was 398 trillion won. It is the largest since the fourth quarter of 2018 (October-December) when related statistics were compiled. Compared to a year ago, it increased by 48.35 trillion won, showing the largest increase. Non-incorporated companies include private businesses and non-profit organizations.

Loans for service businesses, where self-employed people are concentrated, also increased to the highest ever. At the end of December last year, the balance of loans for the service industry was 88 trillion won, an increase of 13.8 trillion won compared to the same period last year. Both the size of the loan and the amount of increase were the highest since the statistics were prepared in 2008. Loans for all industries (1393 trillion won) also increased by 18.89 trillion won, the largest in history.

Reporter Park Hee-chang [email protected]

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