The Bank of Korea Provides 50 Billion Won Emergency Financial Support to SMEs in Typhoon-Affected Areas

Emergency Allocation of 50 Billion KRW to Pohang Headquarters

Due to the impact of Typhoon Hinnamnor, parts of the E-Mart store in Indeok-dong, Nam-gu, Pohang City, Gyeongbuk, and some roads were flooded on the morning of the 6th. [Image source=Yonhap News]

The Bank of Korea announced on the 7th that it will provide low-interest funds to small and medium-sized enterprises (SMEs), small business owners, and self-employed individuals affected by Typhoon Hin Nam No through financial intermediary support loans.

Accordingly, the Bank of Korea has urgently allocated 50 billion KRW from the reserved limit of financial intermediary support loans to the Pohang Headquarters, which oversees Pohang, Gyeongju, and other areas in North Gyeongsang Province, where typhoon damage was concentrated.

The funding targets are SMEs, small business owners, and self-employed individuals who suffered damage from this typhoon. They must obtain a damage confirmation certificate from local governments or town and township offices.

The support amount is 100% of the loan amount handled by financial institutions.

The Bank of Korea explained, "We plan to consider additional support or new allocations to other regions if necessary after assessing further damage situations and the loan demand of the affected SMEs."

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