Consulting for Small Business Owners... YeBo Signs MOU with Small Enterprise and Market Service
Support for Interest Reduction for Vulnerable Debtors Through Subsidiaries
[Asia Economy Reporter Minwoo Lee] The Korea Deposit Insurance Corporation (KDIC) will provide various consulting services and financial support to small business owners.
On the 27th, KDIC announced that it has signed a "Consulting Business Agreement for the Complete Recovery and New Leap of Small Business Owners" with the Small Enterprise and Market Service (SEMAS).
Accordingly, KDIC will recommend debt adjustment clients to the small business capacity-building program and support consulting costs. SEMAS will conduct consulting for the small business owners recommended by KDIC. Both organizations plan to cooperate mutually by sharing data for small business owner analysis before and after the consulting process.
Additionally, KDIC’s subsidiary, KR&C, will provide support for vulnerable debtors who have suffered from long-term collection due to small overdue debts. The overdue interest rate, which was previously applied at 12-25%, will be retroactively applied from the initial overdue point at 5.66% (the current overdue interest rate), significantly reducing overdue interest.
The target group includes about 10,000 individual debtors (with a loan principal of 32 billion KRW) who meet the following criteria: ▲ aged 65 or older ▲ loan principal balance under 10 million KRW ▲ vulnerable debtors overdue for more than 10 years. KDIC expects this reduction to cut overdue interest from 170.5 billion KRW to 40.8 billion KRW, a 76% decrease.
Furthermore, for vulnerable debtors with a principal under 10 million KRW, KDIC plans to actively expand debt cancellation by deleting overdue records without extending the statute of limitations.
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A KDIC official stated, "We will continue to strengthen support for vulnerable debtors so that they can break free from the pain of debt and start anew."
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