Credit Union Provides 5 Billion KRW in Financial Support to Areas Affected by Heavy Rainfall

Exterior view of the National Credit Union Federation of Korea. Credit Union

원본보기 아이콘

The National Credit Union Federation of Korea announced on August 22 that it will provide a total of 5 billion KRW in disaster recovery support to help local residents quickly return to their daily lives and stabilize their livelihoods following the recent record-breaking heavy rains.

Starting today, the Credit Union will implement the 'Together Social Sharing Loan' for residents affected by the disaster. Through this program, each individual can receive up to 20 million KRW in emergency livelihood stabilization funds, with 4.0 percentage points of the loan interest covered by the Credit Union Social Contribution Foundation.

The Credit Union plans to strengthen its social responsibility by establishing a disaster response system through practical financial support in the form of low-interest loan products and by building solidarity within the local community.

Previously, in April, the Credit Union supported the practical recovery of residents affected by large-scale wildfires in the Gyeongbuk, Gyeongnam, and Ulsan regions by raising 1 billion KRW in donations from 741 Credit Union branches nationwide, as well as from executives, staff, and members.

Kim Yoonsik, Chairman of the National Credit Union Federation of Korea, stated, "I would like to express my condolences to those who lost their loved ones and their homes due to the record rainfall," adding, "As a financial cooperative, the Credit Union will put the value of mutual prosperity into practice and do our utmost to support the swift recovery and stabilization of the affected areas."

Meanwhile, the Credit Union has continued its relief efforts in response to national disasters. In particular, to address damage caused by heavy rains and typhoons, it provided donations and financial support totaling 1.2 billion KRW in 2020, 1.5 billion KRW in 2022, and 350 million KRW in 2023. The Credit Union plans to continue its role as a community-based financial institution that responds swiftly to unexpected disasters in the future.

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.