Kibo Technology Guarantee Fund Launches 'Rehabilitation Support Activation Campaign'

Supporting Restart for Honest Failures through Expanded Debt Relief and Extended Repayment Periods

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jeong Yun-mo, hereinafter referred to as Kibo) announced that it will conduct a temporary "Rehabilitation Support Activation Campaign" for two months starting from the 15th to assist debtors in their rehabilitation efforts.

The campaign targets debtors of written-off debts who lack repayment ability. Kibo plans to alleviate the repayment burden on debtors and actively encourage credit recovery through early repayment by expanding the scope of debt reduction measures.

To this end, during the campaign period, Kibo will apply an additional reduction rate on top of the basic debt reduction rate calculated through a comprehensive review of debt evaluation and the debtor's repayment ability for debtors who enter into installment repayment agreements. Furthermore, if a debtor who is faithfully making installment payments repays the remaining installment amount in a lump sum, Kibo plans to double the present value repayment preferential rate to reduce the debtor's repayment burden.

Debtors can apply for debt repayment agreements through the Kibo Rehabilitation Support Center, and Kibo will actively support as many debtors as possible to succeed in rehabilitation by thoroughly reviewing applications for debt reduction and other measures. Chairman Jeong Yun-mo of Kibo stated, "Since introducing the principal reduction system for the first time among guarantee institutions in 2018 in line with the government's policy emphasizing inclusive finance, Kibo has actively supported debtors' credit recovery," adding, "This campaign will also have a positive impact on creating an overall atmosphere of rehabilitation support activation in society."

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