Shinbokwi Partners with Jeonbuk and Jeonbuk Shinbo to Provide 1.5 Billion KRW Support for 'Deobureo Haengbokron'

Support details of the 'Together Happiness Loan' supported through an agreement between the Credit Recovery Committee, Jeollabuk-do, and Jeonbuk Credit Guarantee Foundation
[Photo by Credit Recovery Committee]

[Asia Economy Reporter Song Seung-seop] The Credit Recovery Committee announced on the 2nd that it has signed an agreement with Jeollabuk-do and the Jeonbuk Credit Guarantee Foundation to support the "Deobureo Haengbok Loan" program.

The Deobureo Haengbok Loan is a system that lends up to 15 million KRW (up to 7 million KRW for personal rehabilitation) for emergency living expenses, medical expenses, security deposits for rent, living stabilization funds, refinancing funds, and tuition fees. Eligible applicants are those who have made six or more faithful repayments after the Credit Recovery Committee's debt adjustment confirmation or within three years after full repayment, or those who have made eighteen or more faithful repayments after court-approved personal rehabilitation or within three years after full repayment.

Under this agreement, Jeonbuk Province will provide 1.5 billion KRW as a fund for the Deobureo Haengbok Loan, and the Credit Recovery Committee plans to support 1,300 diligent debtors in Jeonbuk who have undergone debt adjustment or personal rehabilitation with low-interest emergency living funds at an interest rate within 4% over five years. For low-income vulnerable groups such as basic livelihood security recipients and single-parent families, support will be provided at an interest rate of 2.1% to 2.8% per annum to reduce repayment burdens.

Lee Gye-moon, Chairman of the Credit Recovery Committee, emphasized, "We hope that the Deobureo Haengbok Loan will provide practical help to the residents of Jeonbuk who are struggling due to the prolonged COVID-19 pandemic," and added, "We also expect non-agreement local governments to actively participate in fund support for their local residents."

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