KICOX Contributes 100 Million KRW to Support 60% of Final Calculated Insurance Premiums
Shinbo Offers 10% Insurance Premium Discount to New Deal Companies Located in Industrial Complexes Managed by KICOX
[Asia Economy Reporter Kim Cheol-hyun] Korea Industrial Complex Corporation (Chairman Kim Jeong-hwan, hereinafter referred to as KICO) announced on the 30th that it has signed a 'Trade Credit Insurance Premium Support Agreement' with the Korea Credit Guarantee Fund (Chairman Yoon Dae-hee, hereinafter referred to as KODIT) to prevent chain bankruptcies of New Deal companies and support market expansion, and will implement the agreement insurance starting from the 1st of next month.
Through this agreement, KODIT will offer a 10% discount on insurance premiums, and KICO will contribute 100 million KRW to KODIT to support 60% of the final calculated premium, up to a limit of 2.5 million KRW per company. The support targets are small and medium-sized enterprises operating New Deal projects such as Digital New Deal and Green New Deal, located in a total of 64 industrial complexes under KICO's jurisdiction.
Trade credit insurance is a public insurance system operated by KODIT under the entrusted management of the Ministry of SMEs and Startups, which guarantees the risk of credit transactions between companies. It compensates up to 80% of the loss amount incurred when a company that has subscribed to the insurance fails to collect payment from a client after selling goods or services on credit.
KICO stated, "We expect this agreement to greatly help small and medium-sized enterprises located in industrial complexes overcome the COVID-19 crisis and strengthen their management safety nets," and added, "We will continue to support the government's Korean New Deal policy through cooperation with various related organizations."
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