Jeonnam Province Launches Emergency Financial Support for Residents Affected by Flooding

Up to 5.5 Million Won for Flooded Homes
Special Disaster Guarantee Loans for Small Businesses Up to 300 Million Won
On-Site Financial Counseling at Hampyeongcheonji Market

Jeonnam Province recently launched emergency financial support for residents affected by flooding caused by extreme heavy rain. The photo shows Governor Kim Youngrok of Jeonnam visiting Hampyeong Cheonji Traditional Market to hear about the damage status. Provided by Jeonnam Province. Photo by Kim Youngrok

Jeonnam Province has launched emergency financial support to help residents recover their daily lives after suffering flood damage from the recent heavy rainfall.

According to Jeonnam Province, households whose homes were flooded can receive up to 5.5 million won in support, which includes 3.5 million won in disaster relief funds and an additional 2 million won provided by the Disaster Relief Association.

For small business owners, up to 5 million won will be provided, combining 3 million won for business premises damage and 2 million won from the disaster relief fund.

In addition, a financial support program is being offered for small business owners. Those who obtain a damage verification certificate from their local town or district office can apply for a disaster special guarantee at the Jeonnam Credit Guarantee Foundation and receive loans of up to 300 million won. The guarantee fee rate is uniformly set at 0.5%, regardless of credit rating.

Furthermore, in connection with the Small Enterprise and Market Service policy funds, emergency management stabilization funds of up to 100 million won will be provided at a fixed annual interest rate of 2% for up to five years. Members of the Yellow Umbrella Mutual Aid program can receive up to 20 million won in interest-free loans for two years within their payment limit.

Jeonnam Province, in cooperation with the Jeonnam Credit Guarantee Foundation, will operate the 'Mobile Financial Bus Ga Dream' at Hampyeongcheonji Traditional Market for four days until the 8th, providing on-site consultations and financial support directly to small business owners.

Kim Yung-rok, Governor of Jeonnam Province, emphasized, "We will focus our administrative capabilities on minimizing the economic burden by promoting damage assessment, recovery, and financial support in a one-stop process, so that residents affected by flooding can quickly return to their daily lives."

Meanwhile, from August 3 to August 4, the average rainfall in Jeonnam Province was 66mm, but some areas, such as Muan Mangun, experienced extreme downpours that exceeded forecasts, with up to 141.5mm per hour. As a result of this heavy rain, preliminary figures indicate significant flooding damage in the private sector, including 94 homes, 71 commercial buildings, and 8,908 hectares of crops.

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