Hope Plus 'Special Guarantee' 20 Million Won Expansion Support Sees Surge in Applications on First Day... Network Access Issues

[Asia Economy Reporter Heo Kyung-jun] The Korea Credit Guarantee Fund (KCGF) experienced system access issues on the first day of increasing the support scale for the ‘Hope Plus Special Guarantee’ program for small business owners, as a surge of applicants flooded the system.

According to KCGF on the 19th, the website experienced access delays for about 30 minutes starting from 9 a.m. the previous day, immediately after the application process for the Hope Plus Special Guarantee began. Although the KCGF website was restored to normal operation afterward, access issues continued on commercial bank apps where the guarantee applications could be submitted.

With KCGF expanding the support scale and eligibility for the Hope Plus Special Guarantee starting the previous day, approximately 18,000 applications were received in just one day, which is more than twice the average daily application volume.

The Hope Plus Special Guarantee, implemented since January this year, is a program that provides loans of up to 10 million KRW at an interest rate of 1% to small business owners with medium to low credit who have been affected by COVID-19.

From the previous day, ‘COVID-19 Loss Compensation Recipients’ were added to the eligible applicants, and the guarantee limit was increased to 20 million KRW.

KCGF plans to expand the special guarantee system to overcome COVID-19 and alleviate the management difficulties of small and micro enterprises and small business owners.

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