Kibo Launches 'Jaegi Support Project Activation Campaign'
Expansion of Debt Relief... Supporting the Recovery of Good-Faith Failures through Extension of Repayment Period
[Asia Economy Reporter Kim Cheolhyun] The Korea Technology Finance Corporation (Chairman Jung Yunmo, hereinafter referred to as Kibo) announced on the 10th that it will conduct a two-month limited 'Rehabilitation Support Project Activation Campaign' to help debtors with rehabilitation support.
The campaign, running from the 13th to June 12th, targets debtors of special bonds lacking repayment ability. Through easing measures such as expanding the scope of debt reduction, it plans to alleviate the repayment burden on debtors and actively encourage credit recovery through early repayment.
To this end, during the campaign period, Kibo plans to apply an additional reduction rate beyond the basic debt reduction rate calculated by comprehensively evaluating bond appraisal and the debtor's repayment ability to debtors who sign debt installment repayment agreements, thereby motivating the debtor's willingness to repay.
In addition, the debt installment repayment period, which was operated from 3 to 8 years depending on the amount, will be extended from 4 years and 6 months up to a maximum of 12 years to reduce the debtor's repayment burden, supporting their return to normal economic activities.
Debtors can apply for debt repayment agreements by visiting the Kibo Rehabilitation Support Center, and Kibo plans to actively support as many debtors as possible to receive rehabilitation support by thoroughly reviewing debt reduction and other measures for the applications.
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Baek Kyungho, a director at Kibo, said, "This campaign was prepared to minimize the burden on debtors and support credit recovery in line with the government's policy direction emphasizing inclusive finance," adding, "This campaign will also have a positive impact on creating an atmosphere for activating rehabilitation support."
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