The Ministry of SMEs and Startups is focusing its efforts on restoring facilities and supporting merchants affected by flooding in traditional markets in the Gyeongnam region.
According to the ministry on August 17, record rainfall in the Gyeongnam area has caused flooding and mudslides in traditional markets, including the Seoho Market in Tongyeong. So far, damage has been reported at four markets in Tongyeong and 11 markets in Geoje.
Earlier that day, as heavy rain fell in Geoje and Tongyeong, the government activated the first phase of the Central Disaster and Safety Countermeasure Headquarters at 6 a.m. The ministry is working with local governments, the regional SMEs and Startups Agency, and the Small Business Market Promotion Corporation to quickly assess damage and implement support for affected merchants.
In particular, an emergency response team composed of the Gyeongnam Regional SMEs and Startups Agency and the Small Business Market Promotion Corporation has been deployed to the Seoho Market in Tongyeong, which has suffered significant flooding, to assist with waste disposal and site cleanup.
The ministry is collaborating with local governments and relevant agencies to ensure that the affected traditional markets can return to normal operations as soon as possible. To prevent safety accidents related to electricity and gas due to flooding, the ministry has requested urgent safety inspections from Korea Electric Power Corporation, Korea Gas Safety Corporation, and the Korea Fire Insurance Association.
For electrical and gas facilities that require repair or replacement, the ministry plans to apply a fast-track support system. A one-stop support center, staffed by employees from the regional SMEs and Startups Agency, the Small Business Market Promotion Corporation, local credit guarantee foundations, and basic local government offices, will be established to assist merchants in the severely affected Seoho Market with rapid recovery and business stabilization.
Additionally, the government will provide financial support, including policy funds and guarantees, to help small business owners in the affected traditional markets quickly resume operations. The Small Business Market Promotion Corporation will offer policy funds at a 2% interest rate, up to 100 million won, to small business owners who have suffered disaster-related damage.
Merchants who are enrolled in the Yellow Umbrella Fund and have received a disaster verification certificate will be eligible for interest-free disaster loans of up to 20 million won.
Lee Byeong-gwon, the Second Vice Minister of the Ministry of SMEs and Startups, stated, "We will do our utmost to ensure that merchants affected by this heavy rainfall can continue their operations normally ahead of the Chuseok holiday, by closely communicating with relevant departments, local governments, and related agencies for swift recovery efforts."
* This article has been translated by AI.
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