BNK Gyeongnam Bank Extends Maturity Without Principal Repayment, Defers Installment Payments

Gyeongnam Bank Headquarters.

[Asia Economy Yeongnam Reporting Headquarters, Reporter Song Jong-gu] BNK Gyeongnam Bank has stepped up to help small and medium-sized enterprises and individuals affected by the typhoon following the heavy rains in August.

BNK Gyeongnam Bank will provide emergency financial support worth 100 billion KRW to small and medium-sized enterprises and individuals who suffered property damage from Typhoon No. 11 ‘Hinnamnor’.

The emergency financial support targets small and medium-sized enterprises and individuals who have suffered actual property damage from the typhoon. They can receive financial support by submitting a ‘Damage Confirmation Certificate’ issued by the relevant local government authorities.

Within the confirmed damage amount, individuals can receive emergency living stabilization loans up to 20 million KRW, and small and medium-sized enterprises can receive emergency management stabilization funds up to 500 million KRW per company.

Additionally, a special preferential interest rate of up to 1.0%p will be provided, supporting new funds up to a total limit of 100 billion KRW.

For existing loans, maturity extensions without principal repayment and deferment of installment repayments are available.

Jung Yoon-man, Executive Director of the Credit Sales Headquarters, said, “We extend our sincere condolences to the small and medium-sized enterprises and individuals who suffered property damage from Typhoon Hinnamnor. We hope that the emergency financial support will help them recover their losses quickly.”

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