Kibo Implements 'Active Measures to Overcome the COVID-19 Crisis'

Continuous Support at the Level of COVID-19 Special Guarantee

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter referred to as Kibo) announced that from the 24th, it will implement "Active Measures to Overcome the COVID-19 Crisis" to overcome the economic crisis caused by the prolonged COVID-19 pandemic and to respond to the post-COVID era.

Kibo introduced the "COVID-19 Special Guarantee" last February to support companies affected by the spread of COVID-19, and subsequently closed applications for the targeted 1.505 trillion KRW COVID-19 special guarantee based on government contributions through supplementary budgets. This measure is a proactive step to support technology SMEs and small business owners in overcoming the crisis caused by the prolonged COVID-19 pandemic despite the closure of applications for the COVID-19 special guarantee. It integrates existing guarantee handling procedures, relaxed screening measures, and temporary maturity extension measures to enable continuous support at the level of the COVID-19 special guarantee.

Through these active measures until the end of this year, for new guarantee support to companies recognized as needing assistance to overcome the COVID-19 crisis, Kibo will apply ▲ preferential guarantee amounts equivalent to the COVID-19 damage amount ▲ relaxed screening for financial delinquencies ▲ application of simplified evaluation models and downgrade of eligible grades for small business owners ▲ relaxation of approval authority for rapid support ▲ one-click guarantee, a non-face-to-face product, and existing guarantees will, in principle, be extended in full maturity.

Additionally, Kibo plans to provide multifaceted support to COVID-19 affected companies through rapid full guarantees for micro and small business owners, and startup and venture COVID-19 special guarantees, and will also ensure thorough support for companies related to government priority growth industries such as non-face-to-face digital guarantees and green guarantees. Chairman Jung Yoon-mo stated, "It is important to continue supporting technology SMEs and small business owners due to the prolonged COVID-19 situation. This active measure means that Kibo will focus all its capabilities related to guarantee support on overcoming the COVID-19 crisis and responding to the post-COVID era," adding, "All employees will work together to ensure smooth support."

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