The government has established a financial consulting center for disaster support composed of the entire financial sector in relation to the fire damage in Sancheong County, Gyeongsangnam-do, and has prepared financial support measures for disaster aid.
The Financial Services Commission announced financial support measures for households and small business owners affected by the fire on the 24th. Banks and mutual finance sectors will provide emergency living funds to customers affected by the fire. Shinhan, Woori, Kookmin, Industrial, Busan, and Gyeongnam banks will offer up to 20 million won to affected individuals, while Hana Bank will provide up to 50 million won as emergency living stabilization funds.
NongHyup will provide interest-free loans of up to 10 million won per household to affected members, while the Fisheries Cooperative will offer emergency living expense loans of up to 20 million won per person to customers with verified damage. In addition, banks will support existing loan maturity extensions, deferred repayments, and partitioning for households affected by the fire.
All credit card companies will implement a maximum of 6 months deferment on repayments and will offer up to a 30% discount on new loan interest rates after damage occurs. Insurers will defer the obligation for payment of premiums for up to 6 months for customers affected by fire and will expedite loan payments for those applying for insurance contract loans.
Financial support measures for small business owners and small and medium-sized enterprises affected by the fire have also been prepared. Policy financial institutions (Industrial Bank of Korea, Korea Development Bank) and the banking sector will provide recovery funds and emergency operational funds to affected corporations and small business owners.
On the same day, the Financial Services Commission plans to establish an emergency financial response team with the Financial Supervisory Service, related financial institutions, and industry associations to comprehensively assess the situation and financial support responses regarding fire damage. Inquiries about financial support and application procedures can be made through the financial consulting center under the Financial Supervisory Service (☎ 1332), financial industry associations, and individual financial institutions. To apply for financial support, one must obtain and carry a disaster damage confirmation issued by local governments.