Leading the Foundation for Rechallenge through Kibo and Reemployment Support Campaigns

Implementation of Debt Relief Expansion and Other Easing Measures
Active Support for the Rehabilitation of Honest Failures

The Korea Technology Finance Corporation (Chairman Kim Jong-ho, hereinafter referred to as Kibo) announced on the 28th that it will conduct a temporary "Rehabilitation Support Activation Campaign" for about two months to help debtors with their business rehabilitation.

This campaign targets debtors with written-off debts who lack repayment ability. It was established to support credit recovery by alleviating the burden on debtors and encouraging early repayment through relaxation measures such as expanding the scope of debt reduction and increasing the preferential rate for present value repayment. Written-off debts refer to debts held by financial companies that have been accounted as losses because the debtor is judged to have no repayment ability or the debt is deemed uncollectible.

During the campaign period, Kibo plans to apply additional reduction rates by comprehensively reviewing the debt evaluation and the debtor's repayment ability for debtors who enter into installment repayment agreements.

Debtors willing to repay can apply for debt repayment agreements through the Kibo Rehabilitation Support Center. Kibo will actively review debt reductions to help more debtors succeed in rehabilitation.

Kim Jong-ho, Chairman of Kibo, said, "Since Kibo became the first guarantee institution to introduce a principal reduction system in 2018, we have actively supported debtors' credit recovery. Through this campaign, we will take the lead in creating a swift and smooth foundation for re-challenge so that sincere failures can succeed in rehabilitation."

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