Major banks rush emergency aid to South Gyeongsang flood victims

Major commercial banks have launched emergency financial support programs for residents, small business owners and small and medium-sized enterprises hit by the heavy rains in South Gyeongsang Province and other southern regions. The banks will supply living and business stabilization funds while reducing the financial burden on affected customers through loan maturity extensions, repayment deferrals and interest rate reductions. On-the-ground support — including relief tents, daily necessities and mobile kitchens — will also be provided for flood victims and recovery workers.

According to the financial industry Tuesday, KB Kookmin Bank will provide individual customers affected by the flooding with emergency living stabilization funds of up to 20 million won ($14,100), within the scope of their verified losses. Business operators can receive up to 500 million won in working capital, with facility restoration funds available up to the amount needed for repairs. Corporate loans will carry a special preferential rate of up to 1.0 percentage point, and customers with maturing loans may extend their terms without making additional principal repayments.

KB Kookmin Bank will also supply relief tents to flood victims staying in temporary shelters and plans to provide emergency relief kits as an additional measure. Mobile meal units will be dispatched to recovery sites to serve meals to flood victims, firefighters and relief workers.

Shinhan Bank will offer individual customers emergency living stabilization funds of up to 30 million won. Business operators may borrow up to 500 million won in working capital and can also receive funding for facility restoration. Existing loans will be extended without additional principal repayments, and installment payments will be deferred. New loans and maturity extensions will carry a preferential rate of up to 1.0 percentage point.

Shinhan Bank plans to provide flood victims with 50 relief tents and emergency relief kits containing daily necessities and medicine, with additional supplies to be offered as conditions on the ground require.

Hana Bank will provide small and medium-sized enterprises, small business owners and individual business operators with emergency business stabilization funds of up to 500 million won, and individuals with emergency living stabilization funds of up to 50 million won. Existing loans may be extended by up to one year without principal repayments, and installment payments may be deferred for up to six months. A preferential interest rate of up to 1.3 percentage points will also be applied. The bank plans to deliver 500 "happiness boxes" to flood victims, each containing blankets, toiletries and medicine.

Woori Financial Group, through Woori Bank, will provide affected small business owners and small and medium-sized enterprises with up to 500 million won in working capital or facility restoration funds within the scope of verified losses, with a special preferential rate of up to 1.5 percentage points. Individuals will receive emergency living funds of up to 20 million won, with loan rates reduced by up to 1.0 percentage point. Existing loans may be extended within a one-year window, and installment repayments will also be deferred.

Woori Card, Woori Financial Capital and Woori Financial Savings Bank will also join the effort at the affiliate level, offering deferrals on payment settlements and loan principal and interest repayments. Woori Financial Group will deploy mobile meal units to the affected areas and deliver disaster relief kits — prepared in partnership with the Korean Red Cross — to flood victims.