Kim Dong-yeon "Now is the time to spend money"... Gyeonggi-do injects 30.1 billion won emergency funds for heavy snow damage

Gyeonggi Province is urgently injecting financial support worth 30.15 billion KRW to swiftly recover from disaster damages caused by the unprecedented heavy snowfall in November, the first in 117 years, which has led to numerous damages across the province.

First, Gyeonggi Province will provide 7.35 billion KRW from the Disaster Management Fund to all 31 cities and counties in the province for urgent snow removal and emergency recovery operations. The first tranche of the Disaster Management Fund will be used to support equipment and supplies such as necessary de-icing agents, snow removal equipment, fuel costs, and emergency recovery expenses. Additionally, an 800 million KRW Disaster Relief Fund will be distributed to approximately 15,000 disaster victims, temporary evacuees, and power outage victims caused by the heavy snowfall. Gyeonggi Province has stated that it will continue to provide support for damages that are additionally assessed.

Furthermore, the province will proactively deploy the separately allocated “Special Management Fund for Disaster-Affected Businesses” to support financial aid for companies and small business owners affected by disasters such as heavy snowfall every year. Gyeonggi Province has decided to expand this year’s support from the initially planned 5 billion KRW to 20 billion KRW.

The support targets are small and medium-sized enterprises (SMEs) and small business owners who have received a “Disaster SME Confirmation Certificate” or a “Damage Confirmation Letter” from the mayor, county governor, or head of the town, township, or neighborhood due to damages caused by the heavy snowfall. The loan limit is up to 500 million KRW per SME and up to 50 million KRW for small business owners and self-employed individuals. The loan interest rate is fixed support based on bank loan rates, with SMEs receiving a 1.5% point interest subsidy and small business owners receiving a 2% point subsidy.

Gyeonggi Province Governor Kim Dong-yeon is listening to an explanation from officials regarding the heavy snow damage during his visit to the Anyang Agricultural and Marine Products Wholesale Market on the 29th. Photo by Gyeonggi Provincial Government

However, since the application period for the SME Development Fund ends on December 13 this year, applications must be submitted within the deadline.

Meanwhile, on the 29th, Gyeonggi Province Governor Kim Dong-yeon visited the Anyang Agricultural and Marine Products Wholesale Market, whose roof collapsed due to the heavy snowfall, along with Choi Jong-hyun, the Democratic Party representative of the Gyeonggi Provincial Council, Kim Jeong-ho, the People Power Party representative, and provincial council members from the Anyang area to assess the damage and console the merchants.

At the site, Governor Kim Dong-yeon additionally instructed ▲strengthening patrols of hazardous areas such as structures at risk of collapse due to wet snow ▲enhancing inspection activities at traditional markets to prevent electrical fires caused by short circuits during thawing ▲supporting the demolition and disposal costs of damaged facilities at agricultural and livestock farms.

Governor Kim emphasized, “Now is the time to spend money for necessary measures,” adding, “All available actions must be swiftly implemented to ensure the safety of residents and the recovery of damages to small business owners and SMEs.”