Yellow Umbrella and Small Business Mutual Aid Fund Subscribers in Wildfire Areas Granted 6-Month Payment Deferral and Loan Support

Korea Federation of SMEs Announces Support Measures for Business Stability in Wildfire-Affected Areas
Targeting Over 17,000 SMEs and Small Business Owners... Applications Accepted Until the End of This Month

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] The Korea Federation of Small and Medium Business (KSMB) announced on the 13th that it will postpone the payment of contributions for six months and support loan interest for subscribers of the Small Business and Self-Employed Mutual Aid (Yellow Umbrella) and the Small and Medium Enterprise Mutual Aid Fund (Mutual Aid Fund) in areas affected by wildfires.

The support targets approximately 17,000 small and medium enterprises and self-employed individuals whose business locations are in wildfire-affected areas such as Uljin and Gangneung and who are subscribed to either the Yellow Umbrella or the Mutual Aid Fund.

First, for Yellow Umbrella subscribers in the affected areas, contribution payments will be deferred for six months upon application. If a disaster confirmation certificate is issued, interest-free loans of up to 20 million KRW for two years will be provided for loans within the contributions.

For Mutual Aid Fund subscribers, contribution payments will also be deferred for six months upon application, and the loan interest rate will be reduced by 2 percentage points for affected companies.

Gwak Beom-guk, head of the Mutual Aid Business Division at KSMB, said, "We have urgently prepared support measures to alleviate the management burden of small and medium enterprises and self-employed individuals in wildfire-affected areas," adding, "We hope this measure will help stabilize the affected companies even a little."

Meanwhile, KSMB plans to accept applications until the end of this month. Companies wishing to apply can contact the customer center, the Daegu-Gyeongbuk Regional Headquarters, the Gangwon Regional Headquarters, or the Wonju Mutual Aid Center.

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