Ministry of SMEs and Startups Supports Flood Recovery for Traditional Markets in Gyeongsangnam-do... "All-Out Efforts for Chuseok Business"

The Ministry of SMEs and Startups (MSS) announced today (August 17) that it will support the prompt recovery of traditional markets in Gyeongsangnam-do damaged by heavy rainfall.

According to the Ministry of SMEs and Startups, traditional markets in the Gyeongsangnam-do region, including Tongyeong Seokho Market, suffered damage from flooding and mudslides.

Stores in four markets in Tongyeong and 11 markets in Geoje, Gyeongsangnam-do, were affected.

At Tongyeong Seokho Market (around 150 stores), which suffered severe flood damage, an emergency response team consisting of the Gyeongnam Regional SME and Startup Administration and the Small Enterprise and Market Service was deployed to support recovery work, such as waste disposal and on-site cleanup.

The ministry plans to provide swift support ranging from on-site restoration and facility repairs to management stability for affected merchants in cooperation with local governments and related organizations so that the flood-hit traditional markets can normalize.

To prevent safety accidents involving electricity and gas, the ministry plans to request an emergency safety inspection from the Korea Electric Power Corporation (KEPCO).

Facilities requiring restoration or replacement will be supported promptly.

A one-stop support center for merchants at Tongyeong Seokho Market will also be operated.

Financial support, including government policy funds and guarantees, will be pursued to help small business owners in the affected traditional markets normalize their business operations.

The Small Enterprise and Market Service provides policy funds of up to 100 million won at a 2% interest rate for small business owners affected by disasters.

The Regional Credit Guarantee Foundation provides guarantees necessary for disaster recovery up to a limit of 300 million won for small business owners who have been issued a disaster confirmation certificate from local governments.

Lee Byung-kwon, Vice Minister of SMEs and Startups, said, "We will make all-out efforts for prompt damage recovery through close communication among relevant ministries, local governments, and related organizations so that traditional market merchants affected by this heavy rain can continue normal business operations ahead of the Chuseok holiday."

(Photo provided by reader, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.