Gyeonggi Credit Guarantee Foundation to Prepare Support Measures for SMEs Affected by Heavy Rain... Meeting on the 17th

[Asia Economy (Suwon) = Reporter Lee Young-gyu] The Gyeonggi Credit Guarantee Foundation has recently rolled up its sleeves to support the rapid recovery and business stabilization of small and medium-sized enterprises (SMEs) in Gyeonggi Province affected by the heavy rains.

On the 17th, Gyeonggi Credit Guarantee Foundation held a policy meeting for SMEs at the Gyeonggi Credit Guarantee Foundation conference room in Gwanggyo Technovalley, Yeongtong, Suwon, inviting local SMEs to listen to on-site difficulties caused by the heavy rain damage and to discuss community flood recovery measures together, the foundation announced on the 18th.

The meeting was arranged at the suggestion of Chairman Lee Min-woo to check the damage status of SMEs in the province caused by the heavy rains that began on the 8th and to discuss flood recovery plans for the local community.

According to the province, more than 1,200 cases of facility damage and 155 hectares of crop flooding damage were confirmed in the Gyeonggi area alone due to the recent heavy rains. Additionally, 1,049 displaced persons occurred, indicating severe damage to the local community caused by the heavy rain.

Participants at the meeting explained the damage status of SMEs in the province caused by the record-breaking heavy rain and exchanged opinions on future support measures and policy directions.

In particular, the attending companies requested that the province take the lead in promptly verifying and recognizing disaster-affected companies. They also asked that information on available support policies for disaster-affected companies be provided all at once so that applications can be made immediately.

The participants further urged related organizations to cooperate and establish field-centered support policies to timely overcome various management difficulties caused by external environmental changes such as expected continued inflation and the resurgence of COVID-19.

Chairman Lee Min-woo said, "We will strive to prepare policies reflecting the voices from the field discussed at today’s meeting so that SMEs in the province, which have suffered unexpected damage, can receive practical help such as business stabilization." He promised, "We will prepare and implement various support measures considering this disaster, high inflation, interest rate hikes, and the overall weakening of regional economic growth conditions."