The Small and Medium Business Administration announced on September 15 that it will provide disaster funds to small and medium-sized enterprises affected by natural disasters, including heavy rainfall.
Following the designation of Geoje and Tongyeong in South Gyeongsang Province as special disaster areas due to recent heavy rains, the agency plans to offer direct loans to affected businesses.
The loan period for disaster funds is two years of grace followed by three years of repayment, with a fixed interest rate of 1.9%. The maximum loan amount is 1.5 billion won per company, within the range of the reported damage.
Small and medium-sized enterprises seeking support must report their damages to the relevant local government and obtain a 'disaster small business confirmation certificate' to submit to the agency.
Kang Seok-jin, the head of the Small and Medium Business Administration, stated, "We will ensure timely support for disaster funds not only for areas affected by heavy rainfall but also for future disasters to facilitate rapid recovery and normalization of operations."
Meanwhile, the agency has previously provided disaster funds to businesses affected by wildfires in North Gyeongsang Province and droughts in Gangwon Province.
* This article has been translated by AI.
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