Shinhyup Provides 3 Billion KRW Financial Support for Fire Recovery at Daegu Maechun Market

[Asia Economy Reporter Buaeri] The National Credit Union Federation of Korea announced on the 3rd that it will provide financial support to businesses and individuals affected by the fire at Daegu Maechon Market.

On the 25th of last month, a fire broke out at Maechon Market in Buk-gu, Daegu, the largest agricultural and marine products wholesale market outside the metropolitan area, causing damage with about 90% of the 70 stores destroyed.

In response, the credit union will provide a total of 3 billion KRW in financial support for disaster victims and small business owners. A maximum of 20 million KRW in interest-free, unsecured credit loans will be offered to affected individuals. Corporations will be supported with loans up to 300 million KRW at an annual interest rate of 2%. The difference between market interest rates and the loan interest will be covered by the Credit Union Social Contribution Foundation.

Previously, the credit union supported about 4.4 billion KRW for recovery from wildfires in Gyeongbuk and Gangwon, and donated 2.1 billion KRW in relief funds during the COVID-19 period. In addition, it has carried out support projects worth approximately 10 billion KRW over the past three years, including the Good Landlord Movement.

Kim Yoonsik, Chairman of the National Credit Union Federation of Korea, said, “As a community-based financial institution, the credit union will do its best to help local residents and small business owners who are at risk of losing their livelihoods due to unexpected disasters to quickly recover their daily lives.”

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