Authorities Provide Financial Support to Households and Small Businesses Affected by Heavy Rainfall

Emergency Financial Support... Maturity Extension and Repayment Deferral Also Available

The Financial Services Commission announced on the 17th that it has prepared financial support measures to assist households and small and medium-sized enterprises (SMEs) affected by the nationwide heavy rains that began on the 11th.

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First, for households affected by flood damage, support will include emergency living stabilization funds, extension of existing loan maturities and repayment deferrals, insurance premium payment deferrals and expedited insurance claim payments, deferred billing for card payments, and special debt restructuring for overdue debts.

In particular, if customers file insurance claims due to damage from vehicle, farmland, or livestock barn flooding, the priority for insurance claim review and payment will be elevated, and insurance payments will be made promptly.

For small business owners and SMEs affected by flood damage, support will include emergency management stabilization funds, extension and deferral of existing loan repayments, and debt restructuring for overdue debts.

Additionally, the authorities will establish special consultation centers within the Financial Supervisory Service for each support category to provide tailored on-site consultation services regarding loan execution and extensions for recovery from damage. For regions severely affected by flood damage (Gyeongbuk, Chungbuk, Chungnam), financial consultation personnel will be deployed on-site to ensure swift financial support.

The Financial Services Commission stated, “Even after this announcement, we will continue to share flood damage situations during the monsoon season through relevant ministries and local governments to ensure timely financial support and to make sure that the affected citizens can tangibly feel the financial assistance. We will monitor the situation more closely.”

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