Yongin City Provides Up to 2 Million KRW Support for Small Businesses Affected by Flood Damage

[Asia Economy Reporter Lee Young-gyu] Yongin City in Gyeonggi Province will provide up to 2 million KRW to small business owners affected by flood damage.

Yongin City announced on the 24th that it will support small business owners who suffered damage from the concentrated heavy rains in the Seoul metropolitan area this month with 2 million KRW per store through the Small Business Disaster Relief Fund until the 26th of this month.

The Small Business Disaster Relief Fund is a fund that provides relief support to small business owners who have suffered damage such as loss, destruction, partial destruction, flooding, or earthquake damage to their facilities due to disasters.

However, the city excludes the following from support: ▲unregistered business operators ▲illegal buildings ▲cases where the business registration address differs from the business site address ▲poor management such as neglect of drainage pipe maintenance ▲simple building leaks ▲non-profit corporations. Applications can be made at the administrative welfare centers in the towns and townships where each business is located.

A city official said, "We hope this will help small business owners who suffered damage due to sudden heavy rain," and added, "We will continue to prepare various policies to support small business owners."

Meanwhile, small business owners who have received a disaster small business confirmation certificate from the city can also apply for special management funds for disaster-affected small business owners operated by the Gyeonggi Credit Guarantee Foundation.

Guarantees are provided up to 50 million KRW per store, and interest support of up to 2% is available. The loan period is 4 years, with a 1-year grace period and 3 years of equal installment repayment.