Gyeongnam Bank Provides Emergency Support to Companies Affected by Wuhan Pneumonia... Loans Up to 500 Million Won

[Asia Economy Reporter Kim Min-young] BNK Gyeongnam Bank is joining efforts to minimize damage and prevent the spread of the novel coronavirus infection (Wuhan pneumonia).

On the 31st, Gyeongnam Bank announced that it will provide emergency financial support to companies that have suffered damage or are expected to suffer damage due to the novel coronavirus.

The emergency financial support targets industries such as tourism, travel, lodging, and companies with export performance to China, and eligibility will be confirmed through on-site inspections by branch managers.

Companies confirmed to be affected will receive emergency funds up to 500 million KRW, with interest rate reductions of up to 1.0 percentage point.

For existing loans, extensions of maturity and deferment of installment repayments will also be implemented.

In particular, for import-export companies, plans include extending the maturity of export bills, deferring default processing, and reducing or exempting export-import related fees such as interest due to delayed receipt of export payments.

Additionally, Gyeongnam BC Card will offer benefits such as up to a 6-month deferral of credit card payment claims and exemption from late fees during the deferral period to companies and individuals affected by the novel coronavirus.

It is also known that Busan Bank, a sister company, is preparing related support measures.

This content was produced with the assistance of AI translation services.