NH Bank has allocated up to 50 billion won in emergency funds to support farmers in the Gyeongnam region affected by heavy rainfall.
On August 19, the National Agricultural Cooperative Federation announced a comprehensive support plan to help affected farms resume operations and recover their daily lives.
The emergency funds will be directed to agricultural cooperatives and their members in the impacted areas. The focus will be on addressing crop damage and restoring agricultural infrastructure, taking into account the extent of the damage and local conditions.
Recovery equipment, including pumps and water pumps, will be urgently deployed to the affected areas. Support will also include the supply of agricultural materials, pest control, repair of flooded farming equipment, and operation of heavy machinery, along with volunteer assistance from NH Bank employees.
If the area is declared a special disaster zone, NH Bank will provide interest-free emergency living stabilization funds of up to 30 million won per household to affected members.
NH Bank will offer new funding to affected farmers and residents, applying preferential interest rates of up to 2.1%. Farmers can receive interest rate reductions of up to 2.6%. The bank will also support the deferral of existing loan repayments.
In the Geoje area, where access to financial services is limited, mobile banking units will operate to assist residents with cash withdrawals and remittances.
For crop and livestock damage, on-site investigations and damage assessments will be conducted promptly to expedite the payment of disaster insurance claims. NH Life Insurance and NH General Insurance will defer premium payments and shorten the claims process to alleviate the financial burden on affected farmers.
“I extend my deepest condolences to the farmers and local residents who have suffered significant damage due to the heavy rainfall,” said Kang Ho-dong, Chairman of the National Agricultural Cooperative Federation. “NH Bank will mobilize all its resources for recovery and financial support, as well as to stabilize living conditions and the supply of agricultural products, to ensure that affected farmers can return to their daily lives and farming operations as soon as possible.”
* This article has been translated by AI.
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