▲ Bank of Korea
The Bank of Korea (BOK) announced today (August 25) that it will provide financial support to small and medium-sized enterprises (SMEs) affected by recent heavy rains in the Gyeongnam region through its Intermediary Financial Support Loan program.
The support will be provided by urgently allocating 20 billion won from the reserved quota of the Intermediary Financial Support Loans to the BOK's Gyeongnam Branch.
The Intermediary Financial Support Loan program is a system where the BOK supplies low-interest funds to financial institutions such as commercial banks, encouraging them to lend the money to SMEs and other entities.
Eligible recipients for the funds are SMEs that have been issued a "heavy rain damage confirmation certificate" by local governments or other relevant authorities.
Small business owners, self-employed individuals, and existing beneficiaries of the Intermediary Financial Support Loan program are also included.
The support ratio is 100 percent of the loan amount handled by the financial institutions.
A BOK official stated, "We will monitor the situation of the heavy rain damage and the loan demand of the target SMEs, and provide additional support if necessary."
(Photo: Yonhap News)
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