The Bank of Korea will provide 20 billion won in financial support to small and medium-sized firms damaged by recent torrential rain in South Gyeongsang Province.
The Bank of Korea said on Monday it decided to support SMEs in the province hit by torrential rain through its financial intermediation lending programme. To do so, it will urgently allocate 20 billion won from the programme’s reserved limit to the BOK’s South Gyeongsang branch, which oversees the affected areas.
Support will be available to SMEs that suffered damage in the torrential rain and received a damage confirmation certificate from a local government or an eup, myeon or dong office. The programme also covers small merchants, self-employed people and existing recipients of financial intermediation lending.
The BOK’s South Gyeongsang branch plans to support 100 percent of the amount of loans handled by financial institutions for eligible firms. The loans must be new loans with maturities of up to 1 year and include extensions and refinancing.
The Bank of Korea plans to review the damage situation from the torrential rain and loan demand among affected SMEs and provide additional support if needed.
Ji-young Lee (이지영)
ljy@d-today.co.kr