Korea Business News Agency - NSP NEWS AGENCY.

(= Industrial Bank of Korea)

(Seoul=NSP NEWS AGENCY) = 79.3% of Korean SMEs saw worse or less 2023 performance than last year, bringing the need for various financial supports, including cutting interest rates for SMEs.

Announced on November 1, the Industrial Bank of Korea’s “2023 Finance Research on SMEs” showed that Korean SMEs raised 81.2% of the investment they needed last year. 5.5%p more responders said they were experiencing worse borrowing conditions than the last year, including increased rates and shrunk loan limits. SMEs with enough cash have decreased 9.1%p than last year.

While SMEs financially struggled, payment dates for purchasing and selling were somewhat prolonged. More companies received within 30 days, while fewer companies received between 30 to 60 days.

About their 2023 business performance, 79.3% said they would experience worse or less performance than the last year. 3.1%p fewer responders said they would face declined fund demand than last year.

This research was conducted to identify 2022 funds status and the 2023 economic outlook for 4500 SMEs with 0.5 billion won of sales on the Statistical Business Register.

By Hyun-jin Kim(kimhj30310@nspna.com) and Soo-in Kang(sink606@nspna.com)

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