Woori Financial Group Offers Special Preferential Interest Rates Up to 1~1.5% for Residents and Businesses Affected by Wildfires

A wildfire that has been continuously spreading in Daejin-dong, Donghae-si, Gangwon Province, on the evening of the 5th.
[Image source=Yonhap News]

[Asia Economy Reporter Song Seung-seop] Woori Financial Group announced on the 6th that it will implement financial support policies and donate funds to residents affected by the wildfires in the Uljin, Samcheok, and Gangneung areas.

Woori Financial Group will provide a special preferential interest rate of up to 1.5 percentage points to small business owners and small and medium-sized enterprises (SMEs) affected by the damage. Operating fund loans are available up to 500 million KRW, and facility fund loans are available up to the recognized amount of damage. If there are existing loans, maturity extensions are possible within a one-year period. Installment repayment due dates can be deferred.

Local residents are also supported with emergency living fund loans of up to 20 million KRW per person and a maximum 1 percentage point reduction in loan interest rates. They also receive benefits such as payment of agreed interest upon early termination of savings and deposit accounts, and exemption from counter remittance fees.

Woori Bank plans to reduce the financial burden on affected residents and businesses by lowering loan interest rates and fees to help them recover.

Woori Card will also implement a policy to defer card payment repayments. Card payment amounts can be deferred for up to six months, and interest on overdue payments arising after the damage will be waived. Other financial subsidiaries, including Woori Financial Capital, will also seek and announce additional financial support measures.

Additionally, Woori Financial Group will donate 1 billion KRW to the National Disaster Relief Association to support the rapid recovery and revival of residents, small business owners, and SMEs in the affected areas.

Son Tae-seung, Chairman of Woori Financial Group, emphasized, “We will make every effort to support damage recovery, including seeking additional assistance measures.”

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