Jungjingong's Debt Adjustment Campaign to Support Recovery of Distressed Debtors

Up to 70% Reduction in Non-Performing Loans

The Small and Medium Business Corporation announced on the 4th that it will conduct the "Delinquent Debtor Debt Adjustment Campaign" a total of four times every two months from March to September this year to support the credit recovery and rehabilitation of delinquent debtors.

Since 2019, the Corporation has been conducting the campaign annually to assist the rehabilitation of long-term delinquent debtors who have closed their businesses. Especially this year, the campaign period has been moved up to March for early implementation, and the number of sessions has been increased from three last year to four.

Small and Medium Business Corporation

The support includes ▲debt reduction ▲new agreements for installment repayment ▲cancellation of delinquency information upon partial repayment, etc. Incentives for reduction rates will also be provided to socially vulnerable groups and debtors willing to make lump-sum repayments.

Kim Mun-hwan, Director of Corporate Finance at the Corporation, said, "This campaign was promoted to provide a stepping stone for entrepreneurs who have inevitably become defaulters to make a fresh start," and added, "We will continue to do our best to support the return of delinquent debtors to normal economic activities and contribute to the economic recovery of small and medium ventures."

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