Bank of Korea Allocates 75 Billion Won to Geumjungdae... Support for SMEs Affected by Wildfires

Financial Support for SMEs Affected by Wildfires
in Ulsan, Gyeongbuk, and Gyeongnam

The Bank of Korea announced on the 1st that it will support small and medium-sized enterprises (SMEs) affected by wildfires in the Ulsan, Gyeongbuk, and Gyeongnam regions through financial intermediary support loans. The financial intermediary support loan system operates by pre-setting a total loan limit supplied by the Bank of Korea to banks and allocating the limit according to certain criteria.

The Bank of Korea urgently allocated 75 billion KRW from the reserved portion of the financial intermediary support loan limit to the regional headquarters responsible for the wildfire-affected areas. It allocated 40 billion KRW to Daegu-Gyeongbuk, 15 billion KRW to Pohang, and 10 billion KRW each to Gyeongnam and Ulsan. A Bank of Korea official stated, "The regional headquarters responsible for the affected areas will manage the funding targets and support amounts according to established criteria."

The funding targets are SMEs that have suffered damage from the recent wildfires and have obtained a damage confirmation certificate from local government offices or town and township offices. Small business owners, self-employed individuals, and existing beneficiaries of financial intermediary support loans are also included. The support amount is 100% of the financial institution's loan handling amount (new loans with a maturity of within one year provided by financial institutions to the funding targets).

A Bank of Korea official said, "We will assess the wildfire damage situation and the loan demand of the target SMEs and provide additional support if necessary."

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