Gwangju Small and Medium Business Administration Provides Financial Support for Flood Damage at Gurye 5-Day Market as Dedicated 1:1 Problem Solver

107 Unregistered Stores Registered... 2.4 Billion Policy Fund Applications

[Asia Economy Reporter Kim Heeyoon] Most of the unregistered stores, which make up the majority of merchants at Gurye 5-Day Market damaged by the heavy rain, will also receive policy support for damage recovery.

The Gwangju-Jeonnam Regional Small and Medium Venture Business Administration (Gwangju SMBA) announced on the 26th that it has assigned 16 dedicated problem solvers to Gurye 5-Day Market, which was damaged by the heavy rain, to support business registration for unregistered stores and assist in damage recovery.

Earlier, Park Young-sun, Minister of SMEs and Startups, visited Gurye 5-Day Market on the 18th and promised that policy funds would be provided if the 113 unregistered stores out of a total of 131 stores in the market registered their businesses.

As of the 24th, the dedicated problem solvers completed business registration for 107 out of the 113 unregistered stores through phone consultations, accompanying merchants to the civil service office, and assisting with document preparation. Accordingly, applications for 2.4 billion KRW in policy funds have been made.

The Ministry of SMEs and Startups explained, "Merchants who could not receive policy support due to their unregistered status have now been recognized as legal small business owners, enabling them to receive not only policy funds but also various government supports."

Gwangju SMBA plans to support digitalization so that Gurye 5-Day Market can develop into a premium market after flood recovery. They will assist in exhibiting and selling local specialties such as Sansuyu both online and offline platforms.

Lee Hyun-jo, head of Gwangju-Jeonnam SMBA, said, "Taking this flood damage as an opportunity, we will encourage small business owners in Gwangju and Jeonnam to subscribe to wind and flood insurance and promote institutional improvements to link government support with wind and flood insurance for small business owners."

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