Gyeongbuk Province announced on the 30th that it will provide emergency financial assistance to small and medium-sized enterprises and small business owners affected by forest fires.
First, it will support up to 500 million won in operating funds for small and medium-sized enterprises that have lost factories or facilities. The repayment terms include a one-year grace period with 3% interest during the grace period.
For small business owners, it will support either a guarantee limit of 300 million won or the smaller amount of the damage using special guarantees for disaster-affected small business owners.
The guarantee commission rate will be lowered to 0.1% (for special disaster areas) and will be on the condition of a two-year grace period with three years of partitioning repayment.
During the first year of the grace period, 3% interest will be supported, and during the second year, 2%.
To receive financial support, applicants must obtain a certificate of damage confirmation from the city, county, or town office.
For inquiries, small and medium-sized enterprises can contact the Gyeongbuk Economic Promotion Agency’s forest fire damage policy fund support task force (TF), and small business owners can reach out to the Gyeongbuk Credit Guarantee Foundation’s forest fire damage policy fund support TF.
The province will operate a one-stop consultation center for financial support on the 31st at 2 p.m. at the temporary management office in the Namhu Industrial Complex in Andong, where damage-afflicted corporations are concentrated.
Meanwhile, the Ministry of Small and Medium-sized Enterprises and Startups will provide up to 1 billion won in disaster support funds for small and medium-sized enterprises through the Small and Medium-sized Enterprises Promotion Corporation at a fixed interest rate of 1.9%, while supporting up to 100 million won in emergency management stabilization funds at a fixed interest rate of 2.0% for small business owners.
The Ministry of the Interior and Safety will also provide emergency loans of 30 million won for affected small and medium-sized enterprises through the Saemaul Credit Union and will support one-year maturity repayment for existing loans.
Lee Cheol-woo, the governor of Gyeongbuk Province, said, 'I will find the best support measures so that small and medium-sized enterprises and small business owners affected by the forest fires can recover as soon as possible.'