Support for 'Rechallenge Guarantee Fee' for Diligent Debt-Repaying Small Business Owners... Up to 1 Million Won Per Person

Seoul Credit Guarantee Foundation-Korea Securities Finance Dream Sharing Foundation, 'Rechallenge Support Special Guarantee Fee Support' Business Agreement
Korea Securities Finance Dream Sharing Foundation Donates 100 Million Won... Supporting Over 100 People

The 99% Solidarity for Economic Democratization and Polarization Resolution participants are marching near Gyeongbokgung Station in Seoul on the 1st to condemn the Moon Jae-in administration's retreat from chaebol reform and neglect of public livelihood. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Lim Cheol-young] On the 15th, the Seoul Credit Guarantee Foundation and the Korea Securities Finance Dream Sharing Foundation announced that they will support the ‘guarantee fee’ to help so-called ‘diligent failures’?those who have faithfully repaid their debts despite the difficult COVID-19 situation but have not fully repaid?get back on their feet.

The target beneficiaries are small business owners using the Seoul Credit Guarantee Foundation’s ‘Rechallenge Support Special Guarantee’ product. The ‘Rechallenge Support Special Guarantee’ is a product that guarantees loans for small business owners who have received loans from financial institutions backed by the Seoul Credit Guarantee Foundation and have faithfully repaid part of their debts through debt adjustment programs such as credit recovery or personal rehabilitation, enabling them to receive loans again.

The Korea Securities Finance Dream Sharing Foundation will support the guarantee fees up to a maximum of 1 million KRW per person for more than 100 people. To help small business owners struggling amid the COVID-19 situation to restart, the Korea Securities Finance Dream Sharing Foundation donated a total of 100 million KRW to the Seoul Credit Guarantee Foundation.

The Korea Securities Finance Dream Sharing Foundation is a non-profit foundation established in 2013 with full funding from Korea Securities Finance. It actively carries out credit recovery support, scholarship projects, and social welfare projects for marginalized groups.

The Seoul Credit Guarantee Foundation also actively supports comprehensive programs for those receiving guarantee fee support to help them restart. Along with the guarantee fee-free Rechallenge Support Special Guarantee, it provides free rechallenge education and customized consulting, as well as one-on-one close follow-up management.

Accordingly, on the 15th at 3 p.m., the Seoul Credit Guarantee Foundation will sign a ‘Memorandum of Understanding (MOU) on Guarantee Fee Support for Rechallenge Support for Diligent Failures’ with the Korea Securities Finance Dream Sharing Foundation at the Seoul Credit Guarantee Foundation headquarters.

Han Jong-kwan, Chairman of the Seoul Credit Guarantee Foundation, said, "For diligent failures who have faithfully engaged in their livelihoods but failed in business due to unavoidable reasons such as the COVID-19 situation, as long as there is no moral issue, we must provide an opportunity to rise again." He added, "Through this agreement with the Korea Securities Finance Dream Sharing Foundation, we have been able to reduce the financial burden on diligent failures who have the will to restart and provide them with an opportunity to stand up again."