New Album: Ministry of the Interior and Safety and 14 Local Governments Sign 'Failure Expo Business Agreement'

[Asia Economy Reporter Song Seung-seop] On the 23rd, the Korea Credit Guarantee Fund announced that it signed the '2021 Failure Expo Public-Private Cooperation Business Agreement' with the Ministry of the Interior and Safety and local governments.

This agreement was prepared for 14 public and private institutions to operate the Failure Expo. The Failure Expo is an event held for the fourth consecutive year by the Ministry of the Interior and Safety since 2018 to improve positive awareness of failure and encourage re-challenge.

This year, the Korea Credit Guarantee Fund will assign expert supporters to provide system guidance and counseling to support failed companies. Currently, the Fund operates the 'Re-challenge Program' for debtors, the 'Re-startup Program' for multiple debtors, and the 'SME Value-up Program' to support failure prevention for companies with management crisis guarantees.

A representative of the Fund stated, “As numerous small and medium-sized enterprises are facing difficulties due to COVID-19, the significance of the Failure Expo is increasing,” and added, “The Fund will also strive to spread the culture of re-challenge.”