SMEs ministry moves to aid flood-hit Gyeongnam markets

The SMEs ministry said Tuesday it had begun emergency recovery support for 17 traditional markets damaged by record rainfall in Gyeongnam, where flooding and mudflows damaged shops but caused no casualties.

Lee Byeong-gwon, the ministry's second vice minister, visited Gohyeon Market in Geoje and Seho Market in Tongyeong to inspect damage and hear from affected merchants.

The ministry requested emergency electrical and gas inspections at affected markets and will replace electrical and gas facilities through a fast-track process within 10 days, rather than the normal 2.5 months.

It said it was coordinating with local governments, regional SMEs offices and the Small Enterprise and Market Service to assess damage and ensure support reaches affected merchants.

"I offer my deepest sympathies to merchants at traditional markets affected by the heavy rain," Lee said. "We will work closely with relevant ministries, local governments and related organizations to support rapid recovery so they can return to their livelihoods as soon as possible."

Emergency support centers will help merchants obtain disaster-confirmation documents and apply for financing to cover operating costs, including facility repairs and merchandise purchases. Eligible small business owners in restaurant and neighborhood retail businesses can obtain emergency management-stabilization loans of up to 100 million won ($70,661) at 2.0 percent annual interest. Merchants holding disaster-confirmation documents can extend existing Small Enterprise and Market Service loans by one year, while a special guarantee can cover up to 300 million won with a 100 percent guarantee rate and a 0.5 percent annual fee. Yellow Umbrella mutual-aid members with disaster-confirmation documents can receive interest-free loans or mutual-aid payouts of up to 20 million won ($14,132).

The ministry also plans to use specialist safety inspections to identify flood-vulnerable markets and link them to its traditional-market safety-management package.