Jungjingong Establishes Emergency Support System for Rainy Season Disasters... Provides Up to 1 Billion KRW for Damage Recovery

Heavy Rain and Typhoon
Rapid Activation of Regional Task Forces and On-Site Mobile Support Teams

Panoramic View of the Small and Medium Business Corporation

[Asia Economy Reporter Kim Daeseop] The Small and Medium Business Corporation (SBC) announced on the 3rd that it is establishing an emergency support system to promptly assist small and medium-sized enterprises (SMEs) affected by heavy rains and typhoons during the monsoon season.

SBC has set up a "Disaster Support Headquarters" at its headquarters to oversee the establishment of support plans including funding and manpower, as well as cooperation with related agencies for disaster response. Additionally, it operates "Regional Task Forces" in six zones to manage the assessment of disaster damage and on-site support. "On-site Mobile Support Teams" have also been established and are operating in 32 regional offices and branches.

In particular, "Ambulance Men," who are on-site emergency support experts, will be deployed to affected areas. They assess the damage to SMEs and, if necessary, immediately decide on the provision of emergency management stabilization funds for recovery directly on-site.

SBC has previously provided rapid policy funding support to SMEs affected by natural disasters such as the 2017 Pohang earthquake in Gyeongbuk, Typhoon Soulik in 2018, and the 2019 Gangwon wildfires. In February this year, it secured an additional budget of 700 billion KRW for urgent support to SMEs affected by the novel coronavirus infection (COVID-19) and has completed full disbursement.

SBC supports SMEs affected by disasters and calamities with emergency management stabilization funds for recovery costs. The loan limit is up to 1 billion KRW per company, with a loan period of 5 years (2 years grace period, 3 years installment repayment). The interest rate is 1.9% per annum. SBC also plans to actively reduce financial burdens and minimize damage by offering loan repayment deferrals and other measures for companies struggling to pay interest.

Kim Hak-do, Chairman of SBC, stated, "Special attention is required for safety accidents and facility damage at SME sites due to typhoons and heavy rains during the summer season." He added, "SBC will actively support the recovery and business normalization of disaster-affected SMEs through organic cooperation with related agencies."

This content was produced with the assistance of AI translation services.