Korea Credit Guarantee Fund Launches 'Easy-One Guarantee' Linked with IBK Platform
From Guarantee and Loan Application to Agreement Completion in One Go on IBK Platform
Operating Funds Within 100 Million KRW, Preferential Guarantee Ratios and Fees Applied
[Asia Economy Reporter Sim Nayoung] The Korea Credit Guarantee Fund (Chairman Choi Wonmok) announced on the 8th that it has launched the ‘IBK Platform-linked Easy-One Guarantee’ in collaboration with the Industrial Bank of Korea (President Yoon Jongwon), reflecting ICT technological innovation and the government’s digital policies.
This is part of the government’s ‘Customized Financial Support for Self-Employed and Small Business Owners’ program announced last July. It is a product that expands and improves customer accessibility and convenience of the ‘Easy-One Guarantee’?launched by KODIT in 2020 and recognized as a public service innovation case utilizing digital new technologies?which is an online-only guarantee service conducted entirely without in-person visits.
In particular, this product implements all processes of the ‘Easy-One Guarantee’ except for on-site investigation and guarantee screening on the IBK platform. Individual business owners seeking loans from IBK can handle guarantee and loan applications, document submissions, and electronic contracts all in one place through the IBK mobile app without visiting KODIT branches.
To this end, the two institutions signed a ‘Financial Support Business Agreement for Activating Non-face-to-face Guarantee and Loans.’ Working capital is supported up to 100 million KRW per company. Especially, preferential measures such as a 100% guarantee ratio, a 0.2%p discount on guarantee fees, and up to a 1%p reduction in loan interest rates will significantly reduce the financial burden on applying companies.
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A KODIT official stated, “We will actively strive to expand cooperation with other financial institutions and continuously transform digital work processes centered on demand, so that small and medium enterprises can easily and conveniently use guarantee services anytime and anywhere.”
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