Korea SME group offers aid to flood-hit small businesses

The Korea Federation of SMEs (중소기업중앙회) is launching an emergency support program for small and medium-sized enterprises (SMEs) and micro-businesses in regions like Gyeongnam that suffered damage from recent heavy rains. The initiative aims to provide swift financial relief to businesses impacted by the natural disaster.

Businesses that are members of the 'Yellow Umbrella' mutual aid fund can access disaster relief funds. To qualify, they must submit a 'Proof of Damage' certificate issued by the local government or a 'Disaster SME Confirmation Certificate.' This process is designed to expedite the aid distribution to those most affected.

As of July, the Gyeongnam region alone had 114,307 members enrolled in the Yellow Umbrella program. Key cities like Geoje and Tongyeong have a substantial number of these members, indicating a significant potential reach for the support measures. The federation's swift action underscores the severity of the rainfall's impact on the local economy.