"Instant Mobile Guarantees" Chungnam Credit Guarantee Foundation and KakaoBank Provide 30 Billion Won in Financial Support

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They will provide digital financial support targeting small and medium-sized enterprises (SMEs) and small business owners facing a credit crunch.

The Chungnam Credit Guarantee Foundation is partnering with KakaoBank to supply a total of 30 billion won in credit guarantees. From application to approval, the process is handled via mobile in a non-face-to-face manner, improving both speed and accessibility.

On February 10, the Chungnam Credit Guarantee Foundation signed a "Special Contribution Financial Business Agreement for Financial Support to SMEs and Small Business Owners" with KakaoBank.

Under the agreement, KakaoBank will contribute 2 billion won, and the Chungnam Credit Guarantee Foundation will use these funds as a source to provide a total of 30 billion won in agreement-based guarantees.

Companies using the agreement-based guarantees will receive benefits that reduce their financial costs, including reduced guarantee fees and preferential guarantee ratios.

Leveraging their strength in operating mobile-centered financial platforms, the two institutions have made it possible to complete the entire process from guarantee application to screening and approval on a non-face-to-face basis.

Chairman Cho Sohang said, "This cooperation is aimed at providing faster and more convenient financial support to SMEs and small business owners struggling with a deteriorating business environment," adding, "We will enhance on-the-ground impact through swift execution."

The KakaoBank special contribution agreement-based guarantees can be applied for through the Chungnam Credit Guarantee Foundation's guarantee support app "Bojeung Dream" or at the branch office with jurisdiction over the business location.

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