Shinbo Signs 'Business Agreement for Joint Purchase Exclusive Guarantee for Small and Medium Enterprises'

[Asia Economy Reporter Kwon Haeyoung] The Korea Credit Guarantee Fund (KODIT) signed a "Special Guarantee Agreement for Joint Purchasing by Small and Medium Enterprises (SMEs)" on the 25th at the SME Central Association in Yeouido, together with the Korea Federation of SMEs and IBK Industrial Bank of Korea.

The special guarantee for joint purchasing by SMEs is a program where KODIT provides guarantees for debts incurred when SMEs jointly purchase raw and subsidiary materials through SME cooperatives.

This agreement was established to reduce costs and enhance price competitiveness for SMEs through joint purchasing. According to the agreement, the Korea Federation of SMEs and IBK Industrial Bank will contribute guarantee funds to KODIT, which will support guarantees worth 80 billion KRW for SMEs jointly purchasing raw and subsidiary materials.

In particular, KODIT offers preferential benefits such as a guarantee ratio of 95% or higher and a 0.5 percentage point discount on guarantee fees to facilitate smooth financing and reduce financial burdens for joint purchasing companies.

This agreement marks the third phase of the special guarantee for joint purchasing. Through the first and second phases, KODIT supported 120 billion KRW in special guarantees for joint purchasing.

Yoon Daehee, Chairman of KODIT, stated, "Through the special guarantee for joint purchasing, we will contribute to resolving the representative difficulties faced by SMEs in the field, such as lack of purchasing power and securing payment stability." He added, "We will provide practical guarantee support to SMEs struggling with the supply of raw and subsidiary materials due to the impact of the novel coronavirus disease (COVID-19)."

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