Jungjingong Supports Rehabilitation through Debt Adjustment for Special Debtors

Campaign Running Until October 31

[Asia Economy Reporter Kim Cheol-hyun] The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 14th that it will conduct the 'Restart Support Campaign through Special Debtor Debt Adjustment' until the end of this month to support the recovery of small and medium venture business owners who are struggling to restore their credit due to the economic downturn caused by COVID-19.

This campaign was promoted to support rapid credit recovery and return to normal economic activities by providing customized debt adjustments according to repayment ability for distressed debtors who have the willingness to repay but have weak repayment capacity.

The principal and interest of special claims can be reduced by up to 70% (up to 90% for socially vulnerable groups). Installment repayment is possible for up to 10 years, and the remaining debt is fully waived upon completion of the scheduled repayment amount. In addition, deregistration of delinquency and other information is supported when more than 5% of the scheduled repayment amount is repaid.

Kim Byung-su, Head of Management at SBC, said, "This campaign aims to provide a social safety net by adjusting the repayment amount or repayment period within a manageable range for failed entrepreneurs who have inevitably become defaulters," adding, "We will actively support the rapid normalization of management and innovative growth by laying the foundation for the re-leap of our small and medium venture businesses."

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