The Ministry of Economic Affairs’ Small and Medium Enterprise Administration (SMEA) will be offering a special financial aid program to companies affected by Typhoon Morakat, it said in a statement released yesterday.
Local small and medium-sized enterprises (SME) can apply for loans that cover up to 80 percent of reported damage caused by the typhoon, with an upward limit of NT$30 million (US$914,000) from Taiwan Business Bank (台灣企銀), First Commercial Bank (第一銀行), Taiwan Cooperative Bank (合作金庫銀行) and Union Bank of Taiwan (聯邦銀行) at an annual percentage rate (APY) of 2.125 percent, provided that they show proof of the damage that has been confirmed by local government.
Money from the Small and Medium Business Credit Guarantee Fund (中小企業信保基金) will be used to assist companies that do not have enough collateral for a loan, SMEA said. For those SMEs that experience cashflow problems, SMEA has asked them to contact related SMEA departments to facilitate a talks.
In related news, Cathay Financial Holding Co (國泰金控) yesterday announced a donation of NT$100 million to typhoon-hit victims.
Chinatrust Commercial Bank (中信銀) followed suit, donating NT$20 million, half of which will be at the disposal of the Red Cross for relief work, while Fubon Financial Holding Co (富邦金) and Taishin Financial Holding Co (台新金) decided to contribute NT$20 million and NT$15 million, respectively.
President Enterprises Group (統一企業), which provided 700 cases of instant noodles, 1,200 boxes of mineral water and 12,000 loaves of bread, also announced a donation of NT$10 million toward community relief yesterday, the Central News Agency reported.
The food conglomerate yesterday said that it hoped such efforts would inspire other corporations or individuals to volunteer in times of need. Kinmen Alcohol Corp (金門酒廠) also donated NT$10 million each to Taitung, Pintung and Kaohsiung counties to help citizens rebuild their neighborhoods.
Shin Kong Life Insurance Co (新光人壽) yesterday said it would delay the collection of premiums from its typhoon-hit policyholders for two months, while accelerating claims made by the policyholders.
ADDITIONAL REPORTING BY JOYCE HUANG
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