Hana Bank Provides Emergency Support to Daegu and Gyeongbuk... 400 Billion KRW for Business Stabilization Funds

[Asia Economy Reporter Kim Min-young] Hana Bank announced on the 25th that it will provide emergency support to the Daegu and Gyeongbuk regions, which are struggling due to the spread of the novel coronavirus infection (COVID-19).

First, for self-quarantined individuals and marginalized groups in the severely affected Daegu and Gyeongbuk areas, Hana Bank will deliver 2,020 "Happiness Boxes" containing disinfectants such as masks and hand sanitizers, as well as daily necessities, to relief organizations.

In addition, Hana Bank plans to provide new business stabilization funds up to a total limit of 400 billion KRW, with a maximum of 500 million KRW per company, targeting small and medium-sized enterprises and small business owners affected by the damage. The repayment of existing loans due or installment repayments will be deferred for up to one year, and interest rate reductions of up to 1.3% per annum will be supported.

Hana Bank will also encourage its employees to consume at traditional markets to support local small business owners suffering from economic downturn.

Furthermore, financial counseling centers to support affected companies will be operated at major branch locations. Counseling centers will be immediately established and operated at Hana Bank’s Seoul Euljiro Head Office, Myeongdong Building, and Sejong City, and will be expanded nationwide focusing on major regional branch locations in the future.

A Hana Bank official stated, “We have prepared emergency support measures for marginalized groups and small business owners facing difficulties due to the spread of COVID-19 damage,” adding, “All employees will participate with one heart to prevent further damage and revitalize the local economy.”

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