Busan Bank Provides Emergency Financial Support to SMEs and Individual Customers Affected by 'Hinnamno'

New Loan Support Up to 500 Million KRW for SMEs, 20 Million KRW for Individuals

[Asia Economy Reporter Yoo Je-hoon] BNK Busan Bank announced on the 7th that it will provide 'emergency financial support' to small and medium-sized enterprises (SMEs) and individual customers affected by Typhoon Hinnamnor.

According to Busan Bank, it will newly provide emergency business stabilization loans of up to 500 million KRW per affected SME, and support living stabilization loans of up to 20 million KRW for individual customers. To ease the financial burden on affected SMEs and individuals, a special interest rate reduction of up to 1.0 percentage point (p) will also be applied to this emergency loan.

Additionally, loans with repayment deadlines due by the end of this year will be extended in full without principal repayment, and installment repayments such as facility fund loans will be deferred for up to six months.

The financial support targets customers who have suffered actual damage due to Typhoon Hinnamnor, and they can submit related documents such as ▲disaster confirmation certificates and ▲photos of the damage site to the bank. Lee Soo-chan, Head of Credit Sales Division, said, "We hope this financial support will help SMEs and customers affected by the typhoon to quickly recover their daily lives," adding, "Since the main damage areas of the typhoon are Busan and Gyeongnam regions, as a leading regional financial institution, we will spare no effort in supporting the recovery."

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