Segeumwon Provides Financial Support to Wildfire-Affected Areas... Limit Increased by 10 Million KRW, Interest Rate Reduced by 2.5%P

On the 16th, a comprehensive counselor from the Korea Inclusive Finance Agency is providing comprehensive counseling on inclusive finance related to wildfire damage in the large conference room on the 4th floor of Donghae City Hall. Photo by Korea Inclusive Finance Agency

[Asia Economy Reporter Song Seung-seop] The Korea Inclusive Finance Agency announced on the 16th that it will implement special financial support for the Gyeongbuk and Gangwon regions designated as special disaster areas due to wildfires.

New users of Microfinance residing in or owning businesses in Uljin, Gyeongbuk, and Samcheok, Gangneung, Donghae in Gangwon will have their loan limits temporarily increased by 10 million KRW each. Interest rates will be reduced by up to 2.5 percentage points annually. Low-credit and low-income groups can borrow up to 12 million KRW at an interest rate of 3.0% through self-reliance funds for vulnerable groups.

Merchant associations operating small loans in traditional markets can apply for special funds through basic local governments. Affiliated small merchants can use both existing small loans (limit of 10 million KRW) and new special funds (limit of 10 million KRW) together.

Existing users of Microfinance (SK Uljin Branch, Gangneung Branch, Donghae Office, IBK Gangneung Branch, etc.) and traditional market merchant association loans can apply for repayment deferral for a minimum of 6 months up to a maximum of 2 years (2 years for Microfinance, 6 months for traditional market merchant associations).

In addition to financial support, the Korea Inclusive Finance Agency will conduct mobile consultations for inclusive finance over two days starting from the 16th to enable prompt applications and counseling. In collaboration with the Anti-Corruption and Civil Rights Commission’s ‘Running People’s Petition Box,’ they plan to actively support financial life counseling, high-interest debt counseling, dormant deposit inquiry and payment, and welfare linkage.

The target support areas may be expanded if the special disaster areas are extended.

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