Minister Oh Young-joo Visits Wildfire Damage Site to Hear Difficulties

66 Cases of Wildfire Damage Reported
"Swift Support for Return to Daily Life"

Oh Young-joo, Minister of the Ministry of SMEs and Startups, visited the wildfire damage sites in Yeongdeok and Andong, Gyeongbuk Province on the 1st to console the affected small and medium-sized enterprises (SMEs) and small business owners and to listen to their difficulties on site.

Minister Oh visited Maejeong-ri and Gyeongjeong 3-ri areas in Yeongdeok-eup, Yeongdeok-gun, to inspect the damage to pensions, restaurants, and other businesses, personally consoling the small business owners. She then moved to Namhu Industrial Complex in Andong to check the damage status of factories and promised prompt support such as emergency management stabilization funds.

Minister Oh Young-joo of the Ministry of SMEs and Startups visited the wildfire damage site in Yeongdeok, Gyeongbuk on the 1st to console the affected small business owners. Photo by the Ministry of SMEs and Startups

So far, 66 cases of damage to SMEs and small business owners due to wildfires in the Gyeongbuk and Gyeongnam regions have been reported. The exact scale of the damage is still under investigation.

The Ministry of SMEs and Startups has prepared special support measures such as emergency management stabilization funds and disaster special guarantees to alleviate temporary financial difficulties for affected SMEs and small business owners. Additionally, special support plans will be prepared and implemented after review by the Disaster Review Committee.

For small business owners affected by wildfires, such as seafood restaurants and pensions, the emergency management stabilization fund loan limit will be raised from 100 million KRW to 300 million KRW, the interest rate will be lowered from 2.0% to 1.4%, and the loan period will be extended from 5 years to 10 years. For affected SMEs such as grain and food processing companies within the industrial complexes, the emergency management stabilization fund loan interest rate will be reduced from 1.9% to 1.5%.

Minister Oh said, "It is very regrettable that the difficulties of SMEs and small business owners are increasing due to the recent challenging economic situation compounded by large wildfires. We will do our best to provide prompt support so that those affected can return to their daily lives as soon as possible."