Korea Federation of SMEs to Provide Prompt Support for Flood Victims in Gyeonggi, Chungnam, Jeonnam, and Gyeongnam

The Korea Federation of SMEs announced on the 24th that it will provide prompt support to small and medium-sized enterprises (SMEs) and small business owners who suffered flood damage due to the heavy rainfall that occurred simultaneously in regions such as Gyeonggi, Chungnam, Jeonnam, and Gyeongnam.

First, small enterprises and small business owners who are members of the Yellow Umbrella Mutual Aid in areas declared as special disaster zones can receive disaster compensation or take out interest-free loans within a limit of 20 million won for their installment savings, by submitting a damage confirmation issued by the local government or a disaster SME confirmation.

In addition, for members of the SME Mutual Aid Fund, the loan interest rate will be reduced by 2 percentage points for affected companies upon application. For those enrolled in the Small Business Owners’ Storm and Earthquake Disaster Mutual Aid, actual losses to stores and factories caused by storm and flood damage, such as heavy rain and flooding, will be compensated on an indemnity basis upon application.

Kim Ki-moon, Chairman of the Korea Federation of SMEs, said, "It is especially heartbreaking that SMEs and small business owners, who have been diligently maintaining their livelihoods despite the domestic market downturn, have suffered significant damage due to this heavy rainfall," and added, "I hope these measures will help, even if only a little, in the recovery and normalization of the affected businesses."

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