Bank of Korea Allocates 20 Billion Won in Lending Support for Gyeongnam SMEs Affected by Heavy Rain

Bank of Korea Urgently Allocates 20 Billion Won from Lending Support Reserve
to Gyeongnam Headquarters Overseeing Areas Hit by Heavy Rainfall

The Bank of Korea announced on August 25 that it will support small and medium-sized enterprises (SMEs) affected by the recent heavy rainfall in the Gyeongnam region through its Bank Intermediated Lending Support program.

Bank of Korea building. Bank of Korea

Out of the reserved credit limit for the program, 20 billion won will be urgently allocated to the Bank of Korea's Gyeongnam headquarters, which oversees the areas affected by the heavy rainfall, to provide support. The financial support targets SMEs that have suffered damage because of the recent torrential downpours. Eligible recipients are those SMEs that have received a 'damage confirmation certificate' from local governments or town and township offices, and this also includes micro-businesses, self-employed individuals, and existing beneficiaries of the lending support program. The support ratio covers 100% of the loan amount provided by financial institutions.

An official from the Bank of Korea stated, "We will monitor the heavy rain damage situation and the loan demand from the affected SMEs and will provide additional support if necessary."

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