Kibo Launches 'Jaegi 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 Kim Jong-ho, hereinafter referred to as Kibo) announced on the 23rd that it will conduct a 'Rehabilitation Support Activation Campaign' for two months to help debtors restart their businesses.

This campaign targets debtors with written-off debts who lack repayment ability. It was prepared to actively support the debtor's credit recovery by reducing the repayment burden and encouraging early repayment through relief measures such as expanding the scope of debt reduction and extending the repayment period.

During the campaign period, Kibo plans to comprehensively review the repayment ability of debtors who enter into installment repayment agreements and apply additional reduction rates to increase the debtor's willingness to repay. In addition, if a debtor who is faithfully making installment payments repays the remaining installment amount in a lump sum, the present value repayment preferential rate will be doubled to reduce the debtor's repayment burden.

Debtors willing to repay can apply for a debt repayment agreement through the Kibo Rehabilitation Support Center, and Kibo will actively review debt reductions to help more debtors succeed in restarting their businesses.

Kim Jong-ho, Chairman of Kibo, said, "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, we have actively supported debtors' credit recovery. Through this campaign, we will take the lead in creating an environment for re-challenge where sincere failures can succeed in restarting their businesses."

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