Chungnam Shinbo Provides Up to 300 Million KRW in Support for SMEs and Small Business Owners Affected by Heavy Rainfall

Visiting Flooded Sites for Direct Recovery Volunteer Work

In response to the record-breaking heavy rainfall that caused damage to small and medium-sized enterprises (SMEs) and small business owners concentrated in South Chungcheong Province, the Chungnam Credit Guarantee Foundation (hereinafter referred to as Chungnam Shinbo) has launched swift special financial support measures.

On July 23, Chungnam Shinbo announced that, in cooperation with South Chungcheong Province and the Ministry of SMEs and Startups, it would provide special financial support to SMEs and small business owners who have received either a 'Disaster SME Confirmation' or a 'Damage Confirmation Certificate' from their local government.

The foundation will provide up to 300 million KRW at a variable annual interest rate of 1.52% for one year to merchants in Dangjin Traditional Market, Seosan Eastern Market, and Taean Western Market.

Additionally, for businesses affected by the heavy rainfall in general, support will be offered up to 100 million KRW at a variable annual interest rate of 2.72% for one year. Government funds will be provided up to 100 million KRW at a fixed annual interest rate of 2% for up to five years, while general funds will be available up to 300 million KRW at an interest rate of 4.42% (as of the end of June).

Chungnam Shinbo is also streamlining the screening process for companies with damage confirmation certificates and prioritizing urgent applications to ensure rapid support.

In addition, Chungnam Shinbo employees are visiting flood recovery sites in person to provide practical assistance.

On July 17, Chairman Cho Sohaeng and other employees visited the fish market at Dangjin Traditional Market, where 175 stores had been flooded, to help remove debris and waste and clean passageways as part of flood recovery efforts.

On the same day, they also visited a tomato farm in Yeongin-myeon, Asan City, to help clear out crops that had been destroyed by flooding and to assist with cleaning and organizing the interior of greenhouses.

Chairman Cho stated, "In the face of disaster, actions come before words," adding, "Our foundation will stand together with small business owners and farmers in any way possible so that they can recover."

He went on to say, "I hope that everyone who can help will actively participate in the flood recovery and support for those affected."