IBK Industrial Bank to Provide 250 Billion KRW Support for Flood Damage Recovery Due to Heavy Rainfall

Emergency Fund Injection of 200 Billion KRW for Small Businesses and SMEs and 50 Billion KRW for Individuals
Support for Extension of Existing Loan Maturities, Repayment Deferrals, and Postponement of Card Payment Billing

[Asia Economy Reporter Song Hwajeong] IBK Industrial Bank announced on the 11th that it will provide comprehensive financial support to customers affected by flood damage caused by heavy rains concentrated in the metropolitan area and some regions.

IBK Industrial Bank will provide emergency management stabilization funds totaling 200 billion KRW (up to 300 million KRW per company) to small business owners and SMEs who have suffered direct or indirect flood damage due to the heavy rains, and emergency livelihood stabilization funds totaling 50 billion KRW (up to 30 million KRW per individual) to individual customers. In addition, loan interest rates will be reduced by up to 1.0 percentage point.

Furthermore, upon maturity of existing loans, the bank will support maturity extensions of up to one year without principal repayment and will defer repayments on installment payments. There are also plans to postpone credit card payment bills for August and September for up to six months.

An IBK Industrial Bank official said, "We hope this will help with the swift recovery from the damage," and added, "We will continue to provide support to help customers overcome the disaster."

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