'Re-Startup Company Contract Performance Guarantee Insurance'... 99.1 Billion Supplied Over 5 Years
[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 2nd that the re-startup company contract performance guarantee insurance support program has shown steady results since its introduction in 2015.
The re-startup company contract performance guarantee insurance support program was established with SGI Seoul Guarantee to support normal commercial transactions such as fulfilling delivery contracts for re-startup companies with low credit. Over the past five years, a total of 7,496 guarantees worth 99.1 billion KRW were provided to 823 companies.
By guarantee type, contract and defect performance guarantees accounted for 69% (5,151 cases) of the total number of guarantees. In terms of support amount, advance payment performance guarantees accounted for 45% (44.9 billion KRW) of the total support amount.
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Chae Changwoo, Director of the Re-startup Support Division at the Ministry of SMEs and Startups, said, "The Ministry and SGI Seoul Guarantee will actively pursue plans to further expand the scope of guarantee support after sufficient consultations."
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