KOTEC expands support for resolution and recovery of non-performing loans... Strengthening inclusive finance

(Busan = Yonhap News) Reporter Soo-hee Oh = Korea Technology Finance Corporation announced on the 14th that it is expanding inclusive finance to help businessmen suffering from business failure recover their credit and try again, including resolving over 700 billion won in non-performing loans by the end of September this year.

Kibo is relieving the debt burden of businessmen who have failed in management and supporting the return to normal economic activities through the cancellation of long-term uncollectible bonds, sale of non-performing loans, and internal debt restructuring.

As of the end of September this year, a total of 722.8 billion won in non-performing loans were liquidated, including 592.3 billion won in bond cancellation, 105.4 billion won in bond sales, and 25.1 billion won in debt restructuring.

Kibo announced that it plans to expand the scale of liquidation to 1.5 trillion won, the largest ever, by the end of the year.

KOTEC also expands financial support necessary for entrepreneurs who have failed to make a comeback.

This year, we plan to provide 50 billion won in recovery support guarantees, the largest ever, to businessmen with excellent technology and the will to take on new challenges.

This is expected to be of great help to entrepreneurs in taking on new business challenges by utilizing the skills and experience they have accumulated even after business failure.

Kibo also provides non-financial support such as professional training, technology and management consulting, and promotion of successful comebacks for entrepreneurs who have failed in management, and is striving to ensure stable growth of re-trying companies and spread a re-trying culture.

Kwon Hyeong-taek, Chairman of the Board of Kibo, said, “The important role of inclusive finance is to help ensure that the debt burden resulting from business failure does not become an obstacle to trying again.” He added, “We will help failed entrepreneurs with skills and experience recover their credit, and we will continue to expand support for their recovery to support new challenges.”