Bank of Korea to Provide 10 Billion Won Support to Small Businesses Affected by Gangneung Wildfire

On the morning of the 11th, a fire spread on a hill in Nangok-dong, Gangneung-si, Gangwon, and the fire brigade is extinguishing the fire. [Image source=Yonhap News]

The Bank of Korea has decided to provide 10 billion KRW to support small and medium-sized enterprises (SMEs) affected by the wildfire in the Gangneung area.

On the 13th, the Bank announced that it will urgently allocate 10 billion KRW (equivalent to 20 billion KRW based on financial institution loan handling amounts) from the reserved portion of the financial intermediation support loan limit to the Gangneung headquarters, which oversees the wildfire-affected region.

The funding targets SMEs that suffered damage from this wildfire.

Support is limited to SMEs that have obtained a damage confirmation certificate from local government offices or eup/myeon/dong administrative offices.

The support amount is 50% of the loan handling amount by financial institutions.

The Bank of Korea explained, "We will assess additional damage situations and the loan demand of the target SMEs and provide further support if necessary."

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