Small Business Owners Affected by Gangneung Wildfire to Receive Up to 300 Million KRW Loan Support

Ministry of SMEs and Startups Finalizes Special Support Measures for Small Business Owners
Loan Period Extended to 10 Years, Limit Increased to 300 Million KRW
Interest Rate at 1.5%, Existing Loans Eligible for 1-Year Maturity Extension

Small business owners affected by the Gangneung wildfire will receive government support. They can obtain loans of up to 300 million KRW at an interest rate of 1.5% for 10 years from the Small Enterprise and Market Service. Existing loans can be extended for one year.

On the 30th, the Ministry of SMEs and Startups announced that the ‘2nd Disaster Countermeasure Deliberation Committee’ reviewed and finalized special support measures for small business owners following the declaration of Gangneung City as a special disaster area. Due to the nature of the tourist area, many business facilities were completely destroyed, so the limit for the existing emergency management stabilization fund was raised from 70 million KRW to 300 million KRW. Additionally, considering the time required for facility restoration, the loan period was extended from 5 years to 10 years (5 years grace period, 5 years installment repayment). The interest rate was set at 1.5%, the same as for small business owners affected by recent typhoon damage and the Itaewon incident in special disaster areas.

A ‘special maturity extension’ granting up to a one-year extension on existing loans for affected small business owners will also be implemented. Applications for the emergency management stabilization fund and special maturity extension can be submitted starting from the 2nd of next month. After obtaining a ‘Disaster Small and Medium Enterprise (Small Business Owner) Confirmation Certificate’ from Gangneung City Hall and applying for a guarantee certificate at the local Credit Guarantee Foundation, loans can be obtained through commercial banks. Detailed information is available on the Small Business Policy Fund website (ols.sbiz.or.kr). The Small Enterprise and Market Service Gangneung Center also provides guidance.

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