'Special Debtor Reboot' Campaign... Full Waiver of Overdue Interest
Small and Medium Business Corporation
[Asia Economy Reporter Kim Daeseop] The Small and Medium Business Corporation announced on the 10th that it will conduct a 'Special Debtor Reboot' campaign to support the recovery of small and medium venture business owners who have experienced business failure.
The campaign will run from today until July 9. Considering the economic difficulties caused by the novel coronavirus infection (COVID-19), this year, during the Special Debtor Reboot campaign period, the special debt reduction rate will be uniformly applied at the highest recognized rate, and all overdue interest will be waived.
The Corporation also plans to grant a six-month grace period in the first year of the installment repayment period to debtors who have difficulty making immediate installment repayments, such as those whose income has decreased due to COVID-19 or unemployed youth, to help them return to normal economic activities. Even if installment repayments become difficult due to job loss caused by COVID-19 after existing debt reduction and installment repayment, active support will be provided upon application for repayment deferment.
The Corporation has been operating a debt adjustment system that reduces special debt by up to 70% (up to 90% for socially vulnerable groups) and allows the remaining debt to be repaid in installments over a period of up to 10 years. Special debt refers to loan claims that have been written off due to low recovery possibility.
Hot Picks Today
Cerebras Soars 70% on IPO Debut: Is Nvidia's Reign Ending as a New AI Semiconductor Power Emerges?
- "Help Me"... Teacher Assaulted for 20 Minutes While Restraining Elementary Student; Ended Only After 5 Teachers Arrived
- "Nothing Has Changed": Union Rejects Samsung's Proposal... Further Talks Fail as Strike Proceeds
- "Mom, Isn't It Comfortable Living With Me?"... 'Unexpected Result' Shows Increased Drinking Out of Frustration
- "After Vowing to Become No. 1 Globally, Sudden Policy Brake Puts Companies’ Massive Investments at Risk"
Choi Hak-su, Head of the Innovation Growth Division at the Corporation, said, "Through the Special Debtor Reboot campaign, we will support the return to normal economic activities and re-challenge of small and medium venture business owners who have experienced failure," adding, "We will actively respond to the government's policy of realizing inclusive policy finance and provide a social safety net for special debtors."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
