A road in Okpo-dong, Geoje, South Gyeongsang Province, is submerged in muddy water swollen by torrential rain on the morning of Aug. 17. [Photo: Yonhap News Agency]

Four major banks — KB Kookmin, Shinhan, Hana and Woori — have launched emergency financial support for customers affected by heavy rain damage in the southern region.

According to the financial sector on Aug. 18, the four banks said they will provide emergency living stability funds to individual customers hit by flood damage.

Hana Bank will provide loans of up to 50 million won, Shinhan Bank up to 30 million won, and KB Kookmin Bank and Woori Bank up to 20 million won each.

For small and medium-sized companies, small merchants and individual business owners, the banks will provide working capital of up to 500 million won and facility funds to restore damaged facilities. A special preferential interest rate discount of 1.3 to 1.5 percentage points will be applied to working capital, depending on the bank.

For existing loan customers, the banks will also offer measures such as maturity extensions and deferrals of installment repayments.

They will also provide on-site support. KB Kookmin Bank and Shinhan Bank will provide relief tents and supplies to displaced people.

KB Kookmin Bank and Woori Bank will also deploy meal service vehicles to recovery sites. Hana Bank plans to deliver 500 “Happiness Boxes” containing blankets, toiletries and medicines.

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#KB Kookmin Bank #Shinhan Bank #Hana Bank #Woori Bank #South Korea
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