"Support for Small Businesses Affected by Wildfires"… Ministry of SMEs and Startups Announces Special Measures

Emergency Management Stabilization Funds and Special Disaster Guarantees

The Ministry of SMEs and Startups has rolled up its sleeves to help small and medium-sized enterprises (SMEs) and small business owners affected by the wildfire recover from damages. The ministry plans to alleviate management difficulties through swift financial support such as emergency management stabilization funds and special disaster guarantees.

Yonhap News

On the 28th, the Ministry of SMEs and Startups held a 'Special Measures Meeting for Supporting SMEs Affected by Wildfires' chaired by Minister Oh Young-joo and announced special support plans.

First, the ministry plans to focus on temporarily resolving financial difficulties by providing emergency management stabilization funds and special disaster guarantees to SMEs and small business owners who have received a 'disaster confirmation certificate' from the relevant local governments (city, county, district) for wildfire damage. In addition, according to the disaster SME support guidelines announced by the ministry, they will proceed with preferential support for new loans through the resolution of the disaster countermeasure review committee, as well as maturity extensions and repayment deferrals for existing loans.

The Small and Medium Business Corporation will operate an 'Ambulance Support System' to ensure rapid fund disbursement, considering the urgency of wildfire damage recovery. The Ambulance Support System refers to a system where specialized personnel authorized to make decisions on policy fund loans can quickly provide support through evaluations of companies facing management difficulties.

Furthermore, if small business owners affected by the wildfire wish to close their businesses, the ministry will actively guide them to the Hope Return Package project, which offers business closure consulting and support for store demolition costs. For affected companies enrolled in the Yellow Umbrella Mutual Aid, compensation payments will be made promptly.

Regional offices will, if necessary, jointly establish and operate one-stop support centers at damage sites with local governments to provide 'visiting consulting services.' After the wildfire is fully extinguished, the ministry will collaborate with local governments and related ministries to prepare plans for restoring commercial districts and supporting the recovery of SMEs and small business owners in the affected areas, facilitating their swift return to normalcy.

Minister Oh stated, "We will not only support SMEs and small business owners affected by this wildfire but also establish structural disaster prevention and support systems for SMEs, small business owners, and traditional markets in the future."

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