Kibo Visits Businesses Affected by Heavy Rain... "Full Effort for Swift Support"

Visit to SMEs Located in Eumseong-gun, Chungbuk, Declared a Special Disaster Area

Kim Young-chun, Director of Kibo (second from the right), and executives are meeting with Yoo Seung-chan, CEO of Hotmold Engineering, a company affected by heavy rain damage (second from the left).

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter referred to as Kibo) announced on the 12th that following the implementation of the 'Disaster SME Special Guarantee,' executives and heads of the Chungcheong Regional Headquarters visited companies affected by heavy rain to directly assess the damage and listen to difficulties.

The visited companies, including Hotmold Engineering and Soma located in Eumseong-gun, Chungbuk, reported major damages such as soil inflow from outside the buildings and stone wall collapses after the recent heavy rain, which caused difficulties in factory operations. Kibo promised prompt special guarantee support for damage recovery.

Kibo plans to confirm the damage status of guaranteed companies in the Gwangju and Jeonnam areas, which suffered damage due to flooding in the Seomjin River basin, and will establish a follow-up visit schedule. As localized heavy rain is becoming a nationwide phenomenon, Kibo intends to proactively respond by applying the Disaster SME Special Guarantee to support recovery funds if damage is confirmed in other regions.

Kibo has been implementing the Disaster SME Special Guarantee since the 3rd. SMEs confirmed to have suffered damage can receive emergency funds up to KRW 500 million for working capital and within the required amount for facility funds in special disaster areas, and up to KRW 300 million combined for working and facility funds in general disaster areas. Additionally, Kibo minimizes the financial burden on affected companies through increased guarantee ratios and preferential guarantee fees.

Director Kim Young-chun of Kibo stated, "We plan to actively and swiftly support SMEs affected by heavy rain so that they can complete damage recovery in a short time," adding, "As property damage caused by localized heavy rain is occurring nationwide, we will monitor the damage situation and provide proactive support."

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