Flood-hit SMEs eligible for up to 200 million won

[iM Bank]
[iM Bank]

iM Bank will provide 300 billion won ($215 million) in emergency financial support to individuals and small and medium-sized enterprises affected by heavy rainfall in South Gyeongsang Province. The bank will also defer credit card billing for affected customers.

Beyond supplying emergency funds, the bank plans to ease repayment burdens on existing loans and defer card payment charges to reduce the financial strain on flood-hit customers.

iM Bank said Friday it will offer 100 billion won in emergency living-stabilization loans to individual customers who suffered losses from heavy rains and other natural disasters.

Verified victims can borrow up to 20 million won per borrower in emergency living-stabilization funds, with a combined ceiling of 50 million won including existing disaster-relief special loans. Interest rate reductions based on customer ratings will also apply to new loans.

Flood-affected SMEs will receive a total of 200 billion won in emergency operating funds, with individual businesses eligible to borrow up to 200 million won. New loans will carry a preferential interest rate reduction of up to 1.50 percentage points.

Businesses with existing loans can apply for maturity extensions and principal repayment deferrals of up to 12 months. Individuals and SMEs seeking financial support must visit a nearby iM Bank branch with a damage confirmation certificate issued by their local government, along with other required documents.

iM Bank will also defer card payment charges for iM Bank BC Card holders affected by the heavy rains.

Individual and sole-proprietor cardholders can defer billing for domestic lump-sum purchases, installment payments and short-term card loans — cash advances — scheduled for payment in August or September. Corporate cards are excluded from the support.

Customers seeking a billing deferral must submit a damage confirmation certificate issued by their local administrative office to BC Card between Monday and Sept. 18. iM Bank will then review applications and notify customers of its decision within five business days.

"We hope this support helps individuals and businesses affected by the heavy rains recover quickly and return to normal operations," iM Bank President Kang Jeong-hun said. "We will continue to explore a range of support measures to fulfill our corporate social responsibilities."


forest@heraldcorp.com