Kibo Activates 'Uljin·Samcheok Wildfire Emergency Response Team'

Understanding Damage Status of SMEs and Prompt Financial Support... Full Effort for Recovery Assistance

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Kim Jong-ho, hereinafter referred to as Kibo) announced on the 8th that it will establish and operate an emergency response team to provide swift support to small and medium-sized enterprises (SMEs) affected by the recent wildfires in the Uljin and Samcheok areas.

In accordance with the Ministry of SMEs and Startups' special disaster area support plan, Kibo has formed an emergency response team led by the guarantee officer in charge and will make every effort to support wildfire-affected companies. In particular, the Pohang and Gangneung branches near Uljin and Samcheok will operate a 'Wildfire Damage Report Reception Center' and activate an on-site response team led by the regional headquarters chief to ensure prompt assistance to affected SMEs.

Through the 'Wildfire Damage Report Reception Center,' Kibo plans to support the rapid recovery of affected SMEs by providing 'Special Guarantee for Disaster-Affected SMEs.' This special guarantee offers working capital of up to 500 million KRW, as well as facility funds and necessary expenses, to SMEs affected by the wildfires in Uljin and Samcheok, which were declared special disaster areas on the 6th. The support will include a fixed guarantee fee rate of 0.1%, preferential guarantee ratio (90%), relaxed screening criteria regarding delinquencies and arrears, and eased approval authority to facilitate swift funding.

Kim Jong-ho, Chairman of Kibo, stated, "We will operate the response team with a field-oriented approach and do our best to provide special guarantee support for the swift recovery and normalization of management for SMEs suffering from difficulties due to the wildfires in the Uljin and Samcheok areas."

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