Shinbo Expands New Guarantees for COVID-19 Affected Companies... 2.6 Trillion in Q1

Yoon Dae-hee, Chairman of the Korea Credit Guarantee Fund, visited Kisung Industry, an automobile parts manufacturer located in Daegu and Gyeongbuk, on the 9th to listen to the difficulties faced on site.

[Asia Economy Reporter Kwon Haeyoung] The Korea Credit Guarantee Fund (KODIT) announced on the 13th that as a result of expanding guarantees to support small and medium-sized enterprises (SMEs) affected by the spread of the novel coronavirus infection (COVID-19), the supply amount of new general guarantees in the first quarter of this year reached 2.6534 trillion won, an increase of 38.5% compared to the same period last year.

In the Daegu and Gyeongbuk regions, which were severely affected, the supply amount of new guarantees increased by 49.7% compared to the previous year due to disaster special guarantees through the declaration of special disaster areas.

Since last month, KODIT has been implementing special guarantees for SMEs affected by COVID-19, including ▲ the 'Rapid and Full Guarantee System for Micro SMEs with Sales of 100 Million Won or Less' ▲ the 'IBK Ultra-Low Interest Rate Agreement Guarantee' for small business owners and self-employed individuals ▲ the 'Preferential Guarantee to Strengthen Corporate Vitality' for companies engaged in core industries ▲ and the 'Special Guarantee for New Growth Export SMEs' for SMEs exporting new growth engines and new growth items.

To support companies affected by COVID-19, KODIT Chairman Yoon Daehee has also been visiting the field. On the 9th and 10th, Chairman Yoon visited Giseung Industry, an automobile parts manufacturer located in Daegu and Gyeongbuk, and Brand New Music, a performance planning company based in Seoul, to listen to on-site difficulties and discuss support measures for affected companies.

Giseung Industry, which had been on a continuous growth trend based on its long-accumulated technology related to automobile parts, faced operational disruptions due to difficulties in procuring parts locally in China caused by the spread of COVID-19, and resolved liquidity issues through KODIT’s special guarantees. Brand New Music, which was growing in scale through album sales and domestic and international performance revenues, suffered damage as scheduled overseas tours and concerts were canceled due to the COVID-19 impact, and KODIT promptly provided guarantee support.

Chairman Yoon stated, "KODIT is making various efforts to overcome the national economic crisis caused by COVID-19 and to provide support that affected companies can feel," adding, "As a policy institution, we will spare no effort to provide swift and active support for the prompt stabilization of management for affected SMEs."

This content was produced with the assistance of AI translation services.