Shinhan Bank announced on September 12 that it will provide up to 500 million won in new loans to small and medium-sized enterprises experiencing temporary difficulties due to the recent drought in the Gangneung area.
This support will be available until January 12 of next year and targets businesses and individuals whose damages have been confirmed through a disaster damage certificate or other objective supporting documents. The "disaster damage certificate" is an official document issued by the mayor, county governor, or district office head for damages caused by natural disasters, in accordance with the Framework Act on the Management of Disasters and Safety.
Shinhan Bank will provide new loans of up to 500 million won per company, within the required funding range for each small and medium-sized enterprise customer. The bank will also offer up to a 1.5 percentage point special interest rate reduction, maturity extensions without principal repayment conditions, deferred installment payments, and waivers of overdue interest.
For individual customers, Shinhan Bank will provide emergency living stabilization loans of up to 20 million won. These customers will also be eligible for up to a 1.5 percentage point special interest rate reduction, maturity extensions without principal repayment conditions, deferred installment payments, and waivers of overdue interest.
A Shinhan Bank representative stated, "We hope to ease the burdens of small and medium-sized enterprises and individual customers in the Gangneung area who are struggling due to the unprecedented drought and to help them manage their finances smoothly," adding, "We will continue to expand inclusive finance for financial stability for ordinary citizens through various customized financial support measures."
Meanwhile, last month Shinhan Bank provided 230,000 bottles of bottled water to help the Gangneung area overcome the ongoing drought.
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