Virus Outbreak: FSC asks banks to expedite review of small loansFINANCIAL BURDEN: Banks should decide whether to approve loans of less than NT$5 million within 15 days to lessen pressure on firms affected by the pandemicBy Kao Shih-ching / Staff reporterThe Financial Supervisory Commission (FSC) has asked banks to expedite the review and processing of loans of less than NT$5 million (US$165,827) to help companies affected by the COVID-19 outbreak. Banks should decide whether to approve such loans within 15 working days, the FSC said, adding that it could further reduce the review period to within seven days for loans under NT$1 million. As of Monday, local banks have received 2,322 applications totaling NT$35.18 billion from affected businesses, and approved 510 applications, or a total of NT$7.39 billion in loans, commission data showed. “The interest rate for loans of less than NT$2 million is just 1 percent, which should be attractive to borrowers. We can help enterprises that have never applied for a bank loan,” FSC Chairman Wellington Koo (顧立雄) said.

Source: Taipei Times April 09, 2020 15:56 UTC