Daegu Bank Provides 300 Billion KRW Emergency Support to Businesses and Individuals Affected by Heavy Rainfall

Up to 200 Million KRW Financial Support for Companies

Special Loan of 20 Million KRW for Individuals

DGB Daegu Bank announced on the 18th that it will provide emergency financial support of 300 billion KRW for businesses and residents affected by the heavy rains, along with comprehensive financial support measures such as special household loans and deferred credit card payment requests.

First, to alleviate management difficulties of affected businesses and fulfill social responsibilities, the bank will provide financial support worth 200 billion KRW and implement a repayment deferral program.

Daegu Bank Headquarters.

To receive financial support for damages caused by natural disasters, affected parties must obtain a ‘Disaster Damage Confirmation Certificate’ issued by the relevant local government and visit the nearest DGB Daegu Bank branch for consultation. Small and medium-sized enterprises and small business owners confirmed to be affected will be eligible for emergency management stabilization funds of up to 200 million KRW per company.

If necessary, amounts exceeding this limit can be supported through head office approval procedures, and to reduce financial costs, a special interest rate reduction of up to 1.50%p will be applied to new loan funds.

In addition, a repayment deferral program will be implemented for affected businesses, extending the maturity of existing credit and deferring principal repayments in installments for up to six months.

Special household loans and deferred credit card payment requests will also be provided. The ‘Disaster Damage Support Special Household Loan,’ implemented within a limit of 100 billion KRW, has a maximum loan limit of 20 million KRW, with preferential interest rate reductions and exemption from early repayment fees.

Furthermore, for customers facing liquidity crises, credit card payment deferrals will be allowed for up to six months. To receive deferred credit card payment, customers must submit a ‘Damage Confirmation Certificate’ issued by the local administrative office between July 19 and August 23 to BC Card, and after a prescribed review by DGB Daegu Bank, they will be notified within five days whether they qualify for support.

The eligible sales and amounts for support are those with payment dates (or scheduled payments) in Korea during July to August 2023. Single payments, installments, and short-term card loans (cash services) are subject to deferred payment requests.

Additionally, to ensure smooth financial service support in the affected areas, DGB Mobile Bank will operate throughout the disaster-affected region, and snack food trucks for disaster victims and volunteers will be run to assist in the recovery efforts.

Hwang Byung-woo, President of Daegu Bank, stated, “DGB Daegu Bank and its affiliates have united to provide prize money and daily necessities donations to help recover the affected areas and support disaster victims, and now we are implementing emergency financial support.” He added, “Through this support, we will strive to ensure smooth funding for small and medium-sized enterprises, small business owners, and affected residents struggling due to natural disasters. We will continue to be a warm bank that stands together by providing ongoing financial support and various assistance policies such as repayment deferral programs for those affected by natural disasters.”

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