South Korea's Financial Relief Measures

In response to the recent nationwide concentrated heavy rain, South Korea's financial sector has announced a comprehensive support package. This initiative aims to aid local residents, small business owners, and small to medium-sized enterprises (SMEs) in their recovery and rebuilding efforts. A total of 20 billion won has been allocated by the National Disaster Relief Association to facilitate this process.

Support for Small Businesses and Residents

Financial institutions, including Woori Bank, are offering reduced interest rates by up to 1.5 percentage points and operational fund loans up to 200 million won for affected small businesses and SMEs. Additionally, existing loan borrowers can extend their repayment periods by up to one year, providing much-needed relief during these challenging times.

Personal Financial Assistance

Local residents are eligible for personal loans up to 20 million won with interest rate reductions of up to 1 percentage point. This support extends to various financial products, including credit card payments, loan interest rates, and cash services, ensuring a wide range of financial relief options are available.

Additional Financial Services

Woori Card is providing a six-month grace period for card payment dues and waiving late fees for payments affected by the disaster. Similarly, Woori Savings Bank is allowing a three-month extension for principal repayment conditions and up to a six-month extension for maturity dates, offering flexible solutions to those in need.

Beyond Financial Support

Beyond monetary aid, Woori Financial Group is distributing 1,000 emergency relief kits, consisting of daily necessities such as masks, hand sanitizers, and rice, to disaster-stricken areas. This effort is part of a broader initiative to support the victims and contribute to the recovery and resilience of affected communities.