Saemaeul Geumgo Provides Emergency Financial Support Following 500 Million Won Wildfire Relief Fund Assistance

Up to 30 Million KRW Emergency Loans Per Person and More
Financial Support for Wildfire-Affected Areas Declared as Special Disaster Zones

The National Credit Union Federation of Korea announced on the 27th that, following a donation of 500 million KRW for wildfire damage recovery on the 25th, it will provide additional emergency financial support to areas declared as special disaster zones (Ulsan, Gyeongbuk, Gyeongnam).

The federation plans to offer financial support such as emergency loans, maturity extensions, repayment deferrals, and premium payment deferrals to households, small business owners, small and medium-sized enterprises, and mutual contract holders who have suffered actual damage from the large-scale wildfires.

Emergency loans will be provided up to a maximum of 30 million KRW per person for a period of up to three years. Depending on the situation of each credit union, preferential interest rates within a maximum range of 2% can be applied. For existing loan customers, financial support includes loan maturity extensions of up to one year and repayment deferrals on principal and interest for up to six months.

Among mutual contract holders eligible for support, premium payments can be deferred until September 30 from the application date. During the deferral period, contracts will not be invalidated even if premiums are not paid, and the same coverage will be maintained.

The beneficiaries are customers of Saemaeul Geumgo who have suffered damage from the wildfires. Support is available upon submission of relevant proof such as a disaster damage confirmation issued by local governments. Applications for support will be accepted until the 30th of next month and can be submitted by visiting a Saemaeul Geumgo branch in person.

Kim In, Chairman of the National Credit Union Federation of Korea, stated, “We plan to provide practical financial support so that Saemaeul Geumgo customers in the large wildfire-affected areas can benefit.” He added, “Through active support to share the pain of local residents, we will fulfill our role as a financial institution for the common people.”