JPMorgan will provide 480 million won ($394,000) worth of immediate support, relief and inclusive recovery fund to small and micro-businesses hit hard by the unexpected coronavirus pandemic in South Korea, according to the local micro-credit institution Social Solidarity Bank on Thursday.

As part of the relief efforts, the local unit of the US-based brokerage firm will collaborate with the nongovernmental organization to help SMEs run by female owners digitalize their operations and make online entries.

It will also develop an online loan application system to provide small businesses quick access to loans, it added.

“Based on our past philanthropic work, we will help small and micro-businesses in need through collaboration with local NGOs. We will join efforts to address difficulties they are going through due to the pandemic,” said Park Tae-jin, a senior country officer at JPMorgan Korea.

By Jie Ye-eun (yeeun@heraldcorp.com)