SGI Seoul Guarantee, COVID-19 Guarantee Support Extended Until June Next Year

[Asia Economy Reporter Oh Hyung-gil] SGI Seoul Guarantee announced on the 28th that it will extend the premium reduction and exemption measures for some products, such as performance (advance payment) guarantees, until the end of June next year due to the prolonged COVID-19 pandemic.

Seoul Guarantee has exempted premiums for performance (contract and advance payment) guarantees and construction performance guarantees during construction suspension periods when public construction projects were temporarily halted due to COVID-19, resulting in extended insurance periods.

Furthermore, the previous limit of recognizing construction suspension periods up to a maximum of 180 days has been removed, and premiums will now be exempted for periods exceeding 180 days as well.

In addition, in line with the financial authorities' strengthened support measures for vulnerable individual debtors, personal debtors of the Saetdol Loan, a mid-interest rate loan guarantee product, were able to receive principal repayment deferrals on household loans, and this has been extended until June next year.

Yoo Kwang-yeol, CEO of Seoul Guarantee, said, "All ordinary citizens and small and medium-sized enterprises facing difficulties in guarantee transactions due to COVID-19 are partners in mutual growth," adding, "We will continue to actively promote financial support for socially vulnerable groups and expand our role in public guarantees."

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