Jungjingong Supports Rehabilitation Through Debt Restructuring for Delinquent Debtors

Up to 70% Bad Debt Reduction
Adjustment for Installment Repayment up to 10 Years

The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 28th that it will conduct the 'Support Campaign for Restarting through Debt Adjustment for Delinquent Debtors' three times by the end of November this year to support the recovery of small and medium venture business owners struggling with credit recovery.

Small and Medium Business Corporation

This campaign aims to support prompt credit recovery and return to normal economic activities through customized debt adjustments based on repayment ability for delinquent debtors who have the willingness to repay. Delinquent debts are classified into restructured loan claims and special claims depending on the situation, with reductions of up to 50% and 70% respectively (up to 90% for socially vulnerable groups), and installment repayments are possible for up to 10 years. In addition, if a portion of the reduced amount is repaid, the delinquency information registration is canceled, and if the adjusted amount is fully repaid, the remaining debt is waived.

Kim Byung-soo, Head of Management at SBC, said, "Through this campaign, we will actively support entrepreneurs who have the willingness to repay but have inevitably become defaulters to make a fresh start."

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