Gwangju Bank Provides Emergency Financial Support to Businesses Affected by Heavy Snowfall

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] Gwangju Bank announced on the 29th that it will provide emergency financial support to small and medium-sized enterprises, small business owners, and individual customers affected by the record-breaking heavy snowfall in the Gwangju and Jeonnam regions.

Through this financial support, emergency management stabilization funds totaling 100 billion KRW (50 billion KRW for new support, 50 billion KRW for maturity extension) will be injected, with a limit of 300 million KRW per affected company, and a special interest rate reduction of up to 1.0%p (percentage points) will also be applied.

For existing loans, if the loan maturity is approaching, a 1%p interest rate reduction will be applied without separate principal repayment to extend the loan term, and installment repayment deferral will also be implemented.

Individual customers can receive financial support including living stabilization loans of up to 20 million KRW and an interest rate reduction of up to 1.0%p.

Additionally, Gwangju Bank operates a comprehensive consultation team for damage support to quickly receive and process financial difficulties of affected companies, and operates dedicated counters for customers affected by the heavy snowfall at all branches. Through on-site inspections, the bank plans to devise practical support measures and provide consulting.

Furthermore, the comprehensive consultation team for damage support will continuously monitor the damage situation and review additional support measures.

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