Gyeonggi Credit Guarantee Foundation Surpasses 30 Trillion Won in Guarantees After 24 Years... First Nationwide

On the 9th of last month, the guarantee scale increased by 2 trillion won in 20 days from 28 trillion won, showing support results for companies affected by COVID-19

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Credit Guarantee Foundation has become the first among regional credit guarantee foundations nationwide to surpass 30 trillion won in guarantee supply.

As of the 3rd of this month, Gyeonggi Credit Guarantee Foundation announced on the 14th that it has supported a total of 30.0825 trillion won to approximately 883,700 business sites, including about 118,700 small and medium-sized enterprises in the province with 15.0479 trillion won and about 765,000 small business owners with 15.0346 trillion won. This milestone was achieved 24 years after the establishment of Gyeonggi Credit Guarantee Foundation. Notably, among the 16 regional credit guarantee foundations nationwide, Gyeonggi Credit Guarantee Foundation is the first to surpass 30 trillion won.

In particular, Gyeonggi Credit Guarantee Foundation increased its guarantee supply by 2 trillion won within 20 business days after first exceeding 28 trillion won nationwide on the 9th of last month.

Lee Min-woo, Chairman of Gyeonggi Credit Guarantee Foundation, stated, "Increasing the guarantee scale by 2 trillion won in just 20 business days is an unprecedented achievement," adding, "This is due to Gyeonggi Province Governor Lee Jae-myung’s proactive and comprehensive support measures ordered in February for companies affected by COVID-19."

Following Governor Lee Jae-myung’s active guarantee orders, Gyeonggi Credit Guarantee Foundation was the first nationwide to prepare a comprehensive support plan for special funds to assist companies affected by COVID-19. Through this comprehensive plan, a total of 4.03 trillion won was supported, including 1.12 trillion won from Gyeonggi Province funds.

Additionally, an emergency response task force (TF) was swiftly organized, and a company-wide response system was established to support small and medium-sized enterprises and small business owners in the province.

In particular, to resolve guarantee backlogs and expedite guarantees, credit investigation and guarantee screening standards were significantly relaxed, including the omission of on-site inspection procedures. In March, through agreements with commercial banks, guarantee consultations and applications were also outsourced.

Furthermore, to supplement branch office staff due to the surge in guarantee applications, 253 people were hired, and personnel from the head office were dispatched to operate a rapid support task force and a separate branch office approval team.

Through these efforts, the daily processing volume was increased from an average of 190 cases to between 3,000 and 5,000 cases, shortening the processing period for guarantee screening and other procedures, which previously took over a month, to two weeks.

Chairman Lee emphasized, "Gyeonggi Credit Guarantee Foundation is operating a continuous system to ensure that companies affected by COVID-19 can receive funds in a timely manner," and added, "We will establish a company-wide support system so that more affected companies and small business owners can receive assistance."

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