Noran Usan Supports Small Business Owners in Flood-Affected Areas... Provides Compensation and Interest-Free Loans
About 50,000 Yellow Umbrella Subscribers in Heavy Rain Damage Areas
Compensation Available for Those Affected by Intense Rainfall
Interest-Free Loans Up to 20 Million Won for 2 Years Provided
Support such as compensation payments will be provided to small business owners subscribed to the Yellow Umbrella who suffered damages from the recent heavy rains in the Chungcheong, Jeolla, and Gyeongsang regions.
The Korea Federation of SMEs announced on the 12th that it will support Yellow Umbrella subscribers in areas affected by the recent heavy rains with compensation payments and interest-free loans.
The Yellow Umbrella is a system introduced in 2007 to provide small enterprises and small business owners with livelihood stability and opportunities to restart their businesses in the event of closure or other threats to their livelihood. Currently, 1.76 million people are subscribed and can receive benefits such as income tax deductions, compound interest payments, and welfare services.
In June, the system was improved by adding four new reasons to the existing compensation categories of closure and old age: natural disasters, social disasters, illness/injury, and rehabilitation/strike. Accordingly, Yellow Umbrella subscribers whose workplaces were damaged by the heavy rains can receive compensation on the grounds of natural disasters.
Additionally, those who wish to maintain their contracts can receive interest-free loans up to 20 million KRW for two years. Through application, payment of contributions can also be deferred for six months.
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Lee Chang-ho, Head of the Compensation Operations Division at the Korea Federation of SMEs, said, "Approximately 50,000 Yellow Umbrella subscribers are located in areas recently hit hard by the heavy rains, including Buyeo-gun, Nonsan-si, Seocheon-gun, Iksan-si, Gunsan-si, and Gumi-si. We will do our best to support the Yellow Umbrella so that the damage recovery of small business owners affected by this heavy rain can be carried out swiftly."
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