As heavy rainfall has expanded nationwide and damages have increased, financial authorities announced on July 18 that they have prepared support measures for households and small businesses affected by flood damage.
The Financial Services Commission has established an emergency response team for flood damage and will provide support to affected households in the form of: ① emergency living stabilization funds, ② extensions of existing loan maturities and deferment of repayments, ③ deferment of insurance premium payments and expedited insurance payouts, ④ deferment of credit card payment billing, and ⑤ special debt adjustment for overdue debts.
For small business owners and small and medium-sized enterprises affected by flood damage, support will include: ① emergency business stabilization funds, ② extensions of existing loan maturities and deferment of repayments, and ③ debt adjustment for overdue debts.
In addition, the Financial Supervisory Service will open dedicated counseling centers for each type of support to provide customized consultation services at disaster sites regarding loan disbursement and extensions for recovery from damages. In areas where flood damage is particularly severe, additional financial counseling personnel will be deployed.
The Financial Services Commission stated, "We will continue to share updates on the flood damage situation through relevant ministries and local governments so that financial support can be provided in a timely manner, and we will closely monitor the situation to ensure that the support is genuinely felt by the affected citizens."
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