Up to 100 Million KRW Guarantee for Individual Businesses Online Without Branch Visit
Quick Support for COVID-19 Affected Companies Through Simplified Guarantee Procedures
[Asia Economy Reporter Haeyoung Kwon] On the 14th, the Korea Credit Guarantee Fund announced the launch of the ‘Easy Support Guarantee,’ which allows customers to obtain guarantee certificates online without visiting a branch.
The Easy Support Guarantee is an online-exclusive guarantee product based on big data that combines customers' non-face-to-face guarantee applications, document submissions, agreements, and on-site investigations by the Korea Credit Guarantee Fund. Eligible customers are individual businesses with more than one year of operation and no outstanding guarantee balance with the Korea Credit Guarantee Fund (including the Korea Technology Finance Corporation and Credit Guarantee Foundations). Through this non-visit service, they can receive up to 100 million KRW in working capital support.
Applicants can check their eligibility for guarantee application through a self-preliminary review on the Korea Credit Guarantee Fund’s non-face-to-face platform, submit documents online, and after an on-site investigation by the Fund, finally receive the guarantee certificate through an online electronic agreement.
Meanwhile, along with the launch of the Easy Support Guarantee, the Korea Credit Guarantee Fund has also expanded the scope of its non-face-to-face platform. The range of online electronic agreements, which was previously limited to guarantee period extensions, has been extended to include new guarantees for individual businesses, improving customer convenience by eliminating the need to visit branches.
A representative of the Korea Credit Guarantee Fund stated, “With the launch of the Easy Support Guarantee and the introduction of electronic agreements for new guarantees, it is now possible to provide easy and fast non-visit guarantee services that customers can directly experience. In particular, this will enable rapid guarantee support for companies affected by the novel coronavirus disease (COVID-19).”
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