The Bank of Korea Supports Small and Medium Enterprises Affected by Wildfires in the East Coast Region

[Image source=Yonhap News]

[Asia Economy Reporter Seo So-jeong] The Bank of Korea announced on the 7th that it will support small and medium-sized enterprises (SMEs) affected by the wildfires in the East Coast region through financial intermediary support loans.

Out of the reserved limit for financial intermediary support loans, 60 billion KRW (based on 120 billion KRW in loans handled by financial institutions) will be urgently allocated, with 30 billion KRW each assigned to the Pohang and Gangneung headquarters, which oversee the wildfire-affected areas.

The funding targets SMEs damaged by the recent wildfires, who must obtain a damage confirmation certificate from local governments or town and township offices. The support amount will be 50% of the loan amount handled by financial institutions.

The Bank of Korea stated, "We will assess the wildfire damage situation and the loan demand of the target SMEs and provide additional support if necessary."

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