iMBank Provides Emergency Financial Support for Businesses and Individuals Affected by Heavy Rainfall

Emergency Financial Support Program Worth 300 Billion KRW
for Victims of Heavy Rainfall

iMBank announced that it will implement an emergency financial support program totaling 300 billion KRW, including loans, for businesses and individuals affected by heavy rainfall, as part of its commitment to fulfilling the social responsibilities of a leading regional commercial bank.

This program includes special loan support, deferment of corporate loan repayments, and deferment of credit card payments for cardholders. It is available to customers who have received a 'Certificate of Damage Confirmation' from their local government office.

First, small and medium-sized enterprises (SMEs) and small business owners with confirmed damages will be eligible for new loans totaling 200 billion KRW, along with a special preferential interest rate of up to 1.50 percentage points. Individuals with confirmed damages will be eligible for emergency livelihood stabilization loans totaling 100 billion KRW, as well as preferential interest rates based on their credit ratings to reduce financial costs.

For businesses affected by flood damage, repayment deferment will be implemented, including extensions of existing credit maturities and deferment of principal repayments for up to 12 months. To receive financial support for damages caused by natural disasters, customers must obtain a 'Certificate of Damage Confirmation' issued by their local government office and visit a nearby iMBank branch for consultation.

For customers facing liquidity crises due to heavy rainfall, deferment of credit card payments will also be available from July 23 for up to six months. Eligible customers include individuals and sole proprietors (excluding corporations) who use credit cards, and the deferment applies to domestic single-payment, installment, and short-term card loan (cash advance) transactions scheduled for payment in July or August of this year (one time within the period).

To apply for credit card payment deferment, customers must submit a 'Certificate of Damage Confirmation' issued by their local administrative office to BC Card between July 23 and August 22. After a review by iMBank, customers will be notified of their eligibility within up to five business days.

Bank President Hwang Byungwoo expressed his condolences to the local communities and businesses affected by the unexpected flood damage, stating, "We will provide diverse and practical support to help everyone return to a stable daily life as quickly as possible."

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