Bank of Korea Provides 20 Billion Won in Emergency Support for SMEs Affected by Heavy Rain

The Bank of Korea will provide 20 billion won in emergency financial support to small and medium-sized enterprises (SMEs) and small business owners affected by heavy rain in the Gyeongnam region.

On August 25, the Bank announced that it would support SMEs impacted by the heavy rain through its financial intermediary support loans.

The Bank plans to urgently allocate 20 billion won from the reserve portion of its financial intermediary support loan limit to the Gyeongnam branch, which oversees the affected area.

Eligible recipients include SMEs that have received a 'damage confirmation certificate' from local governments or administrative offices. This support extends to small business owners and self-employed individuals, as well as existing beneficiaries of financial intermediary support loans.

The Bank will cover 100% of the new loan amounts issued by financial institutions to affected businesses with a maturity of one year or less. Extensions and refinancing of loans will also be included in the support.

A Bank official stated, "We will assess the damage situation and the loan demand of the affected SMEs and plan to provide additional support if necessary."