Development of Credit Evaluation System for Small Businesses and Small Merchants... Korea Federation of SMEs, KEPCO, and KCB Join Forces

Plans to Interconnect Information Held by Each Company
Utilizing Efforts to Discover Policy Indicators in Work and Other Areas

The Korea Federation of Small and Medium Business (Kbiz) announced on the 12th that it has signed a business agreement with Korea Electric Power Corporation (KEPCO) and Korea Credit Bureau (KCB) to develop a credit evaluation system and policy indicators to support small enterprises and small business owners.

The three organizations have agreed to join forces to strengthen an inclusive financial foundation necessary for small enterprises and small business owners and to enhance policy support capabilities amid ongoing challenges such as persistent high inflation, high interest rates, and delays in domestic demand recovery.

First, by mutually linking the information each organization holds, they plan to establish a specialized credit evaluation system tailored for small enterprises and small business owners. Through this system, they aim to improve financial difficulties faced by small enterprises and small business owners who have not received proper credit evaluations due to insufficient information in the current financial market. The specialized credit evaluation system will identify outstanding candidates among medium- and low-credit borrowers within the existing evaluation framework, laying the groundwork for providing favorable financial benefits and ensuring practical support.

Additionally, efforts will be made to discover policy indicators that can accurately and promptly reflect the management status of various small enterprises and small business owners by region and industry, which will be utilized in future policy work.

Kang Hyung-duk, Head of Business Planning at Kbiz, said, “Through this tripartite business agreement, we hope to improve the financial market environment for small enterprises and small business owners, the backbone of the national economy, and that the discovery of policy indicators will be the first step toward establishing tailored support policies and a rational policy decision-making system.”

A representative from KEPCO stated, “We expect that by utilizing the data KEPCO holds, we can develop services that benefit small enterprises and small business owners and discover new policy indicators combining various data to aid in establishing reasonable support policies.”

KCB explained, “We will develop an innovative credit evaluation system for small enterprises and small business owners and expand the dissemination of this evaluation system within the financial sector to support outstanding small enterprises and small business owners in growing within a more stable financial environment.”

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