The government plans to provide financial support to subcontractors and small businesses in Korea's southwestern city of Gunsan and southeastern city of Tongyeong... heavily affected by the shutdown of GM Korea's Gunsan plant and restructuring in the shipbuilding industry.
During a meeting in Seoul on Tuesday,...the Financial Services Commission said the government will set aside 122-million U.S. dollars for its new guarantee program for subcontractors,... and work with local banks to delay repayment dates of existing loans taken out by small businesses and subcontractors there.
An estimated 30-thousand people have lost their jobs due to the sluggish shipbuilding industry and the recent shutdown of the Gunsan auto plant.