Dongjak-gu Provides Emergency Repair Funds of 5 Million Won to Flood-Damaged Small Business Owners (Landlords)

Dongjak-gu Launches Full Support for Small Business Owners Affected by Flooding Before Chuseok... Providing ▲Emergency Restoration Funds ▲Interest-Free Loans to Aid Daily Life and Business Recovery

[Asia Economy Reporter Jong-il Park] Dongjak-gu (Mayor Park Il-ha) is swiftly implementing support measures to help small business owners affected by record-breaking heavy rains quickly return to their livelihoods.

The support measures include ▲emergency restoration funds ▲interest-free loan support ▲electric facility restoration costs for traditional markets, targeting small and medium-sized enterprises and small business owners in the area who suffered flood damage.

First, small business owners (tenants) whose shops (factories) were flooded will receive emergency restoration funds of 5 million KRW per business.

Applications can be made by visiting the nearest community service center by the 31st. Payments for confirmed flood damage cases are expected to be made before Chuseok.

Additionally, to support the necessary funds for flood-affected small business owners, ‘Disaster SME Funds’ and ‘Emergency Management Stabilization Funds’ loans will be provided. Applications can be made for up to 200 million KRW per business at a fixed annual interest rate of 2%. Notably, interest-free loans will be available for one year.

The support targets include small and medium-sized enterprises and small business owners in Dongjak-gu who have flood damage, verified by the Disaster Small Business Owner Confirmation Certificate, and those who have executed loans through the issuance of the Seoul Credit Guarantee Foundation’s Disaster Special Guarantee. Applications are accepted until the budget is exhausted.

For traditional markets affected by floods, such as Namseong Sakae Market and Seongdae Traditional Market, up to 2.5 million KRW per store will be provided for electric facility restoration costs for 37 stores.

Furthermore, starting from 11 a.m. on September 1, Dongjak Love Gift Certificates worth a total of 10 billion KRW will be issued to revitalize the local economy and promote consumer activities. Individuals can purchase up to 700,000 KRW per month at a 10% discount and receive a 30% year-end income deduction.

In addition, to alleviate the financial difficulties of general small business owners in September, an additional 14 billion KRW in special guarantees will be supported. Support plans for benevolent landlords are also under review.

Mayor Park Il-ha stated, “We will make every effort to ensure that flood-affected small business owners can quickly recover their daily lives and return to their livelihoods before Chuseok.”