Gwangju Bank Provides Special Support of 100 Billion Won to Businesses Affected by Heavy Rainfall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 10th that it will implement special support for small and medium-sized enterprises and self-employed individuals affected by recent heavy rains to quickly restore damaged facilities and alleviate financial burdens.

Gwangju Bank will inject emergency management stabilization funds totaling 100 billion KRW (50 billion KRW for new support, 50 billion KRW for maturity extension) with a limit of 300 million KRW per affected company due to the heavy rains, and will also apply a special interest rate reduction of up to 1.0 percentage point (p).

Additionally, for affected customers holding loans with upcoming maturities, the bank will extend the loan period without separate principal repayment by applying a 1.0%p interest rate reduction and will also implement installment payment deferrals.

Furthermore, to promptly receive and handle financial difficulties of affected companies, a comprehensive support consultation team will be operated, and employees will be dispatched directly to the damage sites to devise practical support measures through on-site inspections, striving to stabilize the management of the companies.

Kim Jae-chun, Head of Sales Promotion Department at Gwangju Bank, said, “The sighs of the people in the Gwangju and Jeonnam regions are deepening as the recent heavy rains coincide with the aftermath of COVID-19,” adding, “As the representative bank of Gwangju and Jeonnam, we will take a leading role in supporting damage recovery by providing prompt financial support to affected companies to minimize damage.”

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