The Korea Technology Finance Corporation (Chairman Jong-ho Kim, hereinafter referred to as “KIBO”) announced that it will conduct a “Recovery Support Activation Campaign” for approximately two months from Monday, March 24 to Friday, May 23 to support debtors’ credit recovery and expand the foundation for a new leap forward.
This campaign was designed to provide debtors with weak repayment capabilities with a chance to recover and to support rapid credit recovery by expanding debt adjustment. Kibo plans to reduce debtors’ repayment burden and encourage early repayment by applying relaxed conditions such as expanding the scope of debt burden reduction and increasing the discount rate for present value repayment (converting installment payments to present value and repaying them in one lump sum).
Kibo plans to actively apply additional reduction rates, etc. to debtors who enter into a debt installment repayment agreement during the campaign period by comprehensively examining the characteristics of their debts and their ability to repay. Debtors who have the will to repay can apply for debt adjustment with relaxed conditions through Kibo Rehabilitation Support Center.
In addition, Kibo operates a re-establishment support guarantee system to support entrepreneurs who wish to start a new business. Companies operated separately by Kibo debtors with excellent technology can receive new guarantees along with debt adjustment. Kibo plans to actively create a re-establishment environment to support the technology-based growth and leap of small and medium-sized enterprises that are trying to start a new business.
Kim Jong-ho, chairman of Kibo, said, “Kibo was the first among guarantee institutions to introduce a principal reduction system in 2018, thereby lowering the threshold for debtors to recover their credit and supporting a rapid economic recovery.” He added, “This recovery support activation campaign is intended to support a new leap forward for SMEs that find hope even in the midst of a crisis. Kibo will continue to strengthen its support infrastructure, such as customized recovery solutions, to actively support the successful recovery of SMEs that are trying again.”
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