ULSAN — BNK Kyongnam Bank is providing emergency financing to help small business owners at Ulsan's Bangeojin live-fish center resume normal operations after a recent fire.
The bank said on the 26th that it will provide a total of 2 billion won ($1.4 million) in "emergency management stabilization funds" to 57 shops damaged by the fire at the live-fish center in Ulsan's Dong-gu district.
The measure is designed to ease the cash strains of merchants who suffered facility damage and business interruptions from the fire and to help them return to daily life quickly. The support covers the 57 shops confirmed to have been affected, with loans of up to 30 million won per business.
The loans carry a low annual interest rate of about 1.5%. Repayment is made in equal installments of principal and interest over a period of up to five years. To reduce the initial financial burden on affected merchants, the bank grants a grace period of up to one year. The emergency funds can be applied for at all BNK Kyongnam Bank branches in the Ulsan area.
"I hope this funding serves as a catalyst for a swift return to business for the small business owners at the Bangeojin live-fish center, whose livelihoods were hit by an unexpected fire," said Kim Ki-beom, head of BNK Kyongnam Bank's Ulsan business group.
Separately, BNK Kyongnam Bank has continued its community outreach to help the region recover from disasters, dispatching an emergency volunteer team to flood recovery sites in Geoje on the 19th of this month and delivering relief supplies.
