Sojinkong, Full Effort to Prepare Traditional Markets for Flood Damage During the Rainy Season

Low-Interest Loans Up to 70 Million KRW Available for Damage Victims

At Daejeon Songgang Traditional Market, a representative from the Korea Electrical Safety Corporation is conducting a safety inspection of electrical facilities within the traditional market.

The Small Enterprise and Market Service (SEMAS) announced on the 25th that it has reviewed countermeasures to minimize damage to traditional markets caused by recent consecutive heavy rains.

From the 13th to the 14th of last month, SEMAS conducted pre-inspections of markets in collaboration with the Ministry of SMEs and Startups, local governments, and market merchant associations. They inspected 286 markets vulnerable to flood and wind damage, including those located near rivers or suffering from poor drainage and neglected or damaged waterproofing facilities.

Through the Kakao Channel ‘Sangin Jeongbotong’ (Merchant Information Network), which has 18,000 members including heads of merchant associations nationwide, the ‘Heavy Rain Traditional Market Action Guidelines’ were disseminated. During the National Merchant Federation meeting, flood and wind damage prevention measures were also provided.

On the 10th, SEMAS established a Flood and Wind Damage Situation Team directly under the Vice President to set up a rapid reporting and inspection system. The team consists of about 200 traditional market safety guardians, including headquarters department heads, regional headquarters directors, and regional center staff. They will promptly report and implement countermeasures when damage occurs to small business owners and traditional markets.

SEMAS will continuously support the swift business normalization of markets and stores within markets affected by flood and wind damage. Stores that receive disaster business confirmation certificates or damage verification certificates through local governments will be eligible for low-interest emergency business stabilization funds of up to 70 million KRW. Once a one-stop damage support center is established in the affected areas, administrative procedures such as damage verification and fund applications will be expedited.

Last month, SEMAS signed a business agreement with the Korea Electrical Safety Corporation and the Korea Gas Technology Corporation to ensure the safety of traditional markets. In the future, joint emergency inspections of facilities in traditional markets affected by flooding will also be promoted.

Additionally, since May, SEMAS has been supporting free enrollment in the ‘1+1 Insurance’ (Fire Mutual Aid + Flood and Wind Damage Insurance) for stores that have subscribed to the ‘Traditional Market Fire Mutual Aid’ product with a main contract of 20 million KRW or more, covering flood and wind damage as well.

Park Seong-hyo, Director of SEMAS, stated, “As the monsoon season is not yet over, we must not let our guard down in minimizing damage to traditional markets. Merchants themselves must make every effort to protect their markets, and the Service will do its best to minimize damage through continuous monitoring and immediate response when damage occurs.”

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