Shinbokwi Expands Debt Adjustment Support Targets... "No Time Limit for Suspension or Closure Due to COVID-19"

Up to 2 Years of Debt Repayment Deferral Possible
Principal Can Be Repaid in Installments Over Up to 10 Years

[Asia Economy Reporter Song Seung-seop] The Credit Recovery Committee announced on the 29th that it will expand support for debt adjustment for individual business owners struggling due to COVID-19.

Individual business owners who receive support through the 'Self-Employed Debt Adjustment' program operated by the Credit Recovery Committee can defer debt repayment for up to 2 years until business normalization. The principal can be repaid in installments over a maximum of 10 years.

Previously, to receive support, business owners had to operate their business for at least one year, but from today, individual business owners who have closed or suspended their business due to COVID-19 since February last year can receive support regardless of the duration.

At the same time, to promote re-startups and business resumption, revival funds and consulting services will be provided through the Korea Inclusive Finance Agency.

Lee Gye-moon, chairman of the Credit Recovery Committee, explained, "Many small self-employed business owners have suspended or closed their businesses without operating for even one year due to COVID-19," adding, "Rapid debt adjustment and revival support for them is urgently needed."

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