KOSME to Offer Loans of Up to 1 Billion Won to Companies Hit by Natural Disasters

[Financial News] The Korea SMEs and Startups Agency (KOSME) will provide disaster-relief funds of up to 1 billion won to ease liquidity difficulties faced by small and medium-sized venture companies affected by natural disasters, including torrential rains.
According to KOSME on the 15th, the loans will have a two-year grace period followed by repayment in installments over three years, with a fixed annual interest rate of 1.9%. Each company may borrow up to 1 billion won within the amount of its losses, with a maximum of 1.5 billion won over three years.
Small and medium-sized venture companies seeking support must report the damage to their local government, obtain a Certificate of Confirmation for Disaster-Affected Small and Medium-Sized Enterprises, and submit it to KOSME.
After Geoje and Tongyeong in Gyeongsangnam-do, which were recently hit by torrential rains, were designated as special disaster areas, KOSME plans to provide disaster-relief funds to affected companies in those areas through direct lending.
Kang Seok-jin, chairman of KOSME, said, "We will provide disaster-relief funds promptly not only to areas affected by torrential rains but also whenever disasters occur in the future, supporting rapid recovery and the normalization of business operations."
[email protected] Kim Hyun-cheol Reporter