BOK to Provide 20 Billion Won in Loans to SMEs in South Gyeongsang Province Hit by Heavy Rain

[Financial News] The Bank of Korea will support small and medium-sized enterprises in South Gyeongsang Province that were damaged by recent heavy rain through its financial intermediation support loan program.
The BOK said on the 25th that it will urgently allocate 20 billion won from the quota-linked portion of its financial intermediation support loans to its South Gyeongsang Provincial Headquarters. The program lends funds to commercial banks at low interest rates so they can extend loans to small and medium-sized enterprises, small business owners, and others.
Eligible recipients are small and medium-sized enterprises that suffered damage from the heavy rain. They must obtain a damage confirmation certificate from a local government office or township, town, or district office. Small business owners, self-employed workers, and companies that have previously received support under the program are also included.
The support ratio is 100% of the amount of loans handled by financial institutions.
A BOK official said, "We will review the damage caused by the heavy rain and the loan demand of eligible SMEs, and provide additional support if necessary."
[email protected] Kim Tae-il Reporter