KB Kookmin Bank is launching emergency support efforts to help residents in Gyeongnam recover from the recent heavy rainfall.
On August 17, KB Kookmin Bank announced that it will provide urgent assistance to flood victims and emergency responders engaged in recovery efforts in the affected areas.
The bank will first supply shelters (relief tents) to residents living in temporary evacuation centers. As recovery and relief activities ramp up, additional supplies, including emergency relief kits, will be provided. The bank is also preparing to operate food trucks at disaster recovery sites.
Financial support will be extended to customers who have suffered actual damage from the flooding.
Individual loan customers can receive emergency living stabilization funds of up to 20 million won, depending on the extent of their losses. For businesses, the bank will offer up to 500 million won in working capital and facility funds based on the costs needed for recovery. A special preferential interest rate of up to 1.0 percentage point will be applied to corporate loans. Customers whose loans are maturing can extend their loan terms without additional principal repayments while benefiting from the special preferential rate.
To receive support, customers must submit a 'damage verification certificate' issued by the local administrative office to the bank. The application period is within three months from the date of the disaster.
A representative from KB Kookmin Bank stated, "We hope this support will assist those affected by the sudden heavy rainfall and those working hard on recovery efforts. We will do our best to help residents in the affected areas return to their daily lives as soon as possible."
* This article has been translated by AI.
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