Shinhan Bank Provides Financial Support for Fire Damage at Wanggil-dong Industrial Complex in Incheon

Up to 500 Million KRW New Loans for Affected SMEs and Small Businesses
Special Preferential Interest Rate Discount of 1.5 Percentage Points Provided

Shinhan Bank announced on the 23rd that it will operate a fire damage financial support program for businesses and individuals affected by the industrial complex fire in Wanggil-dong, Seo-gu, Incheon.

To support emergency recovery funds for small and medium-sized enterprises and small business owners affected by the fire, new loans will be provided up to a maximum of 500 million KRW, along with a special preferential interest rate of up to 1.5 percentage points.

Additionally, for affected customers whose loan maturities are approaching, Shinhan Bank will ease the financial burden on affected SMEs and small business owners through principal payment deferral, special preferential interest rates (up to 1.5 percentage points for one year), and installment repayment deferrals. Interest on overdue loans will also be reduced for delinquent customers.

Shinhan Bank will also provide emergency living stabilization funds of up to 20 million KRW per individual (subject to meeting DSR conditions) to personal customers confirmed to be affected by the fire. Comprehensive financial support will be offered for the emergency living stabilization funds, including up to 1.5 percentage points interest rate discounts, principal payment deferrals, and repayment grace periods.

Furthermore, the bank plans to support small business owners and SMEs affected by the fire by utilizing the "Disaster and Calamity Donation System," which was established to assist disaster victims on-site and support rapid recovery efforts in the region.

A Shinhan Bank official stated, “We extend our deepest condolences to the small business owners and citizens in the Incheon area affected by this fire,” and added, “We will continue to provide various supports, including financial assistance and the use of the donation system, to help the SMEs and small business owners in the affected area overcome this disaster and safely return to their daily lives.”