Gyeonggi-do Provides Emergency Funding of 20 Billion Won to Disaster-Affected Companies Including Flood Damage

Gyeonggi Provincial Government

Gyeonggi Province recently announced it will provide 20 billion KRW in support to businesses and small merchants affected by the recent heavy rains.

On the 22nd, Gyeonggi Province stated that it has decided to expand the scale of the 'Special Management Fund for Disaster-Affected Businesses' from the initially planned 5 billion KRW to 20 billion KRW.

The support targets are small and medium-sized enterprises (SMEs) and small merchants who have received a 'Disaster SME Confirmation Certificate' or a 'Damage Confirmation Letter' issued by the mayor, county governor, or head of the town, township, or neighborhood.

The loan limit is up to 500 million KRW per affected business within the damage amount range. For small merchants, the limit is 50 million KRW. The loan conditions include a 1-year grace period followed by 3 years of equal installment repayments. The loan interest rate is fixed with a 1.5% interest support for SMEs and 2% for small merchants, based on the bank loan interest rate.

Gyeonggi Province is also accepting applications for principal repayment deferral for up to 6 months for businesses affected by disasters such as floods and fires.

Kim Gwang-deok, Director of the Regional Finance Division of Gyeonggi Province, said, "We hope that the expansion of this special management fund for disaster-affected businesses will help the recovery and early business stabilization of companies and small merchants in the province affected by the heavy rains."

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