South Korea to replace 1 trillion won SME lending programme

SEOUL: South Korea's central bank said on Monday it would replace a 1 trillion won ($889.80 million) lending programme for smaller companies in April with one requiring no collateral for the borrowers.

The Bank of Korea will provide up to 1 trillion won to commercial banks from Apr. 2 on the basis of their track records in lending to small- and medium-sized enterprises (SMEs) without collateral, it said in a statement.