Gwangju Bank Provides 100 Billion KRW in Emergency Aid for Heavy Rain Victims

Up to 300 Million KRW Loans for Businesses,
20 Million KRW for Individuals
One-Year Extension Available Upon Maturity

Front view of Gwangju Bank headquarters.

Gwangju Bank announced on July 25 that it will provide large-scale financial support totaling 100 billion KRW to assist residents affected by the recent heavy rainfall.

From July 17 to 19, Gwangju experienced record-breaking torrential rain, resulting in severe damage such as flooded homes and roads, as well as damaged facilities throughout the area. To support recovery efforts and assist displaced residents, Gwangju Bank has prepared emergency funds, including 50 billion KRW in new loans and 50 billion KRW in maturity extensions.

For customers who have received disaster damage confirmation from local governments, businesses can receive loans of up to 300 million KRW, and individuals up to 20 million KRW. An interest rate benefit of up to 1.0 percentage point per year will also be provided.

For loans maturing during the support period, the principal repayment can be deferred, with an interest rate reduction of 1.0 percentage point and an extension of up to one year. In addition, installment repayments can be postponed for up to six months. JB Financial Group also plans to donate 200 million KRW to the National Disaster Relief Association to support flood recovery efforts.

Ko Byungil, President of Gwangju Bank, stated, "I hope this support will provide at least a small amount of help to local residents suffering from the sudden heavy rain."