Financial Services Commission: "Rapid Financial Support Provided to Households and SMEs Affected by Wildfires"

Announcement of Detailed Financial Support Measures for Wildfire Victims
Operation of Financial Counseling Center for Victim Consultation and Support Guidance

On the 21st, financial authorities established a Financial Support Counseling Center composed of the entire financial sector to assist victims of the wildfire that occurred in Sancheong-gun, Gyeongsangnam-do, and swiftly prepared various financial support measures.

On the 24th, the Financial Services Commission announced that it will provide emergency living stabilization funds to households and small and medium-sized enterprises (SMEs) affected by the wildfire, and will extend support such as extending existing loan maturities.

Specifically, for households affected by the wildfire, support will include ① emergency living stabilization funds ② extension of existing loan maturities and repayment deferrals ③ insurance premium payment deferrals and expedited insurance claim payments ④ deferral of credit card payment billing ⑤ special debt adjustment for overdue debts.

For small business owners and SMEs affected by the wildfire, support will include ① emergency business stabilization funds ② extension of existing loan maturities and repayment deferrals.

Additionally, the Financial Supervisory Service will open counseling centers within each support division to provide consultation services regarding loan execution and extensions for recovery efforts, and will prioritize processing support requests from wildfire-affected households, small business owners, and SMEs.

Financial authorities will continue to monitor the damage situation and the status of financial support after this announcement to ensure that the financial assistance is effectively felt by the affected citizens.