Support up to 100 million won at an annual interest rate of 2% for flood-affected small business owners

[Financial News] The Ministry of SMEs and Startups announced on the 22nd that it will urgently support the early normalization of traditional markets affected by this heavy rain in cooperation with local governments and related organizations.
The Ministry of SMEs and Startups plans to request urgent inspections from Korea Electric Power Corporation, Korea Gas Safety Corporation, and Korea Fire Insurance Association to prevent safety accidents such as electricity and gas due to flooding. In addition, electrical and gas facilities that need restoration or replacement will be promptly supported through a fast track. 
Support measures for management stability were also prepared. The Ministry of SMEs and Startups is operating a one-stop support center for the rapid support of merchants in Dangjin Traditional Market and Hapcheon Samga Market, which suffered significant damage.
The one-stop support center, composed of staff from regional SMEs and Startups offices, the Small Enterprise and Market Service regional center, regional credit guarantee foundations, and basic local governments, investigates the damage status and helps merchants quickly issue disaster confirmation certificates necessary for applying for financial support.
Damaged traditional markets can receive government policy funds. The Small Enterprise and Market Service provides up to 100 million won at an annual interest rate of 2% to small business owners affected by disasters. In addition, for traditional market merchants who have received disaster confirmation, the maturity of existing loans from the Small Enterprise and Market Service will be extended by one year to help the rapid normalization of the affected merchants' businesses.
According to the Ministry of SMEs and Startups, as of this morning, due to the record-breaking heavy rain nationwide, large and small damages occurred in about 412 stores in 8 traditional markets nationwide. Stores were flooded in 3 markets in Chungnam, 2 in Gwangju, 1 in Daegu, 1 in Gyeonggi, and 1 in Gyeongnam. However, no casualties have been identified so far.
The Ministry of SMEs and Startups is operating a close emergency system with local governments, regional SMEs and Startups offices, and the Small Enterprise and Market Service to continuously monitor the damage and recovery situation.

stand@fnnews.com Seo Ji-yoon Reporter
stand@fnnews.com Seo Ji-yoon Reporter