SGI Seoul Guarantee, Guarantee Support for Jeollabuk-do Certified and Startup Companies

Expansion of Guarantee Limit up to 3 Billion Won, Offering Insurance Premium Discounts

On the 15th, at the Jeollabuk-do Provincial Office, Yookwangyeol, CEO of SGI Seoul Guarantee (right), and Song Hajin, Governor of Jeollabuk-do, are taking a commemorative photo after signing the 'Jeollabuk-do Certified and Startup Company Guarantee Support Business Agreement.'

[Asia Economy Reporter Ki Ha-young] Seoul Guarantee Insurance announced on the 15th that it has signed a 'Jeollabuk-do Certified and Startup Company Guarantee Support Business Agreement' with Jeollabuk-do.

Through this agreement, Seoul Guarantee Insurance will provide preferential guarantee support to companies selected for the certification and startup company support projects hosted by Jeollabuk-do.

Startup companies can use permit guarantee insurance and performance guarantee insurance products required for various permits and contract orders on credit without separate collateral. Each company will be granted a special credit limit of 500 million KRW for two years.

Certified companies will receive support including a 10% discount on performance guarantee insurance and win-win advance payment credit insurance premiums, and an increase in the maximum guarantee limit up to 3 billion KRW according to the company's credit rating.

Additionally, all companies selected under the agreement will be provided with employee training programs and corporate credit management consulting services free of charge to strengthen the capabilities of small and medium-sized enterprises.

Yoo Kwang-yeol, CEO of Seoul Guarantee Insurance, said, "Seoul Guarantee Insurance has taken the lead in supporting guarantees for small and medium-sized enterprises through MOUs with government ministries and local governments," adding, "We hope this agreement will be a great help in opening additional sales channels and overcoming difficulties caused by COVID-19."

Meanwhile, following the business agreement ceremony, Seoul Guarantee Insurance donated 30 million KRW to the Jeonbuk Community Chest of Korea. The donation will be used to support vulnerable groups living in Jeollabuk-do who are struggling with their livelihoods due to COVID-19.