Taiwan’s Central Bank approved providing additional $3.44 billion in financing for small-medium businesses in the country to aid them in coping with the impact of the pandemic. This brings the total to more than $10 billion.
The Central Bank in March made the $6.88 billion financing accessible for banks to offer preferential loans to businesses affected by the coronavirus in the tourism, transport, and other sectors.
Moreover, financial institutions have extended more than $5 billion in loans to SMEs since April 1. However, the pandemic while it continues to spread globally is causing financial challenges for some businesses, the bank explained.
Taiwan’s early and effective prevention work resulted to having the pandemic well under control. The country only has 23 active cases to date. However, it has closed off its borders to foreign visitors which negatively impacted the travel and tourism sector.