The Ministry of SMEs and Startups launched efforts to restore traditional markets in South Gyeongsang Province hit by torrential rain and to support affected merchants.
According to the Ministry of SMEs and Startups (MSS) on the 17th, as of today, stores were damaged by flooding and mudflows at four markets in Tongyeong and 11 markets in Geoje in South Gyeongsang. No casualties have been confirmed so far.
The Ministry of SMEs and Startups (MSS) established an emergency response system with South Gyeongsang Province and local governments, the Gyeongnam Regional Office of SMEs and Startups, the Small Enterprise and Market Service (SEMAS), and other related agencies to swiftly grasp the damage and recovery status and ensure seamless support for affected merchants.
In particular, at Seohomarket in Tongyeong, where flooding was found to be severe, an emergency response team composed of the Gyeongnam Regional Office of SMEs and Startups and SEMAS was deployed. Seohomarket is a traditional market with about 150 stores, and the team is supporting initial recovery work such as waste disposal and on-site cleanup.
The Ministry of SMEs and Startups (MSS) plans to provide phased support not only for on-site recovery but also for facility upgrades and stabilization of affected merchants' operations to quickly normalize business at the damaged markets.
First, to prevent additional accidents related to electrical and gas facilities caused by flooding, the government will request urgent safety inspections from Korea Electric Power Corporation (KEPCO), Korea Gas Safety Corporation (KGS), and the Korea Fire Insurance Association. Facilities confirmed safe through inspections will be promptly restored, and a fast-track will be applied and supported for electrical and gas facilities that need replacement so merchants can resume business as soon as possible.
The Ministry of SMEs and Startups (MSS) will operate a one-stop support center at Seohomarket in Tongyeong, which suffered extensive damage. The center will assess the damage and help merchants quickly obtain disaster verification certificates needed to apply for financial support. It will then work to ensure that the necessary support for affected merchants proceeds smoothly in coordination with related agencies.
Financial support is also underway. SEMAS will provide policy funds at an annual interest rate of 2% up to a maximum of 100 million won for small business owners affected by the disaster. The regional credit guarantee foundations will provide guarantees needed for disaster recovery up to a limit of 300 million won to small business owners who receive a disaster verification certificate from local governments. The guarantee ratio will be 100%, higher than the 85% for general guarantees, and the guarantee fee will be preferentially set at 0.5%.
Lee Byeong-gweon, the second vice minister at the Ministry of SMEs and Startups (MSS), said, "We will concentrate all available policy capacity on on-site recovery, facility restoration, and management stabilization support so the affected traditional markets can return to normal as soon as possible."