Choi Wonmok, Chairman of Shinbo, Listens to Small Business Challenges and Promises Tailored Support

[Asia Economy Reporter Eunju Lee] On the 6th, Choi Wonmok, Chairman of the Korea Credit Guarantee Fund, visited ‘Wooribyeol Co., Ltd.’ in Yangchon Industrial Complex, Gimpo-si, Gyeonggi Province, and held a meeting with representatives of small and medium-sized enterprises (SMEs).

The company representatives attending the meeting expressed that "most SMEs are experiencing management difficulties due to prolonged COVID-19 and consecutive adverse factors such as the 3 highs (high interest rates, high exchange rates, and high prices). We ask the Korea Credit Guarantee Fund to strengthen financial support for the normalization of SME management and continuous growth."

In response, Chairman Choi said, “To overcome domestic and international economic crises, we are expanding the total guarantee volume and actively preparing support measures, such as deciding on full maturity extensions for up to three years in accordance with the government’s recent policy to extend maturity and repayment deferrals.” He promised, “We will strive to reflect the difficulties and improvement plans gathered from the field at today’s meeting in future policy implementation processes.”

After touring the research facilities and production sites of ‘Wooribyeol Co., Ltd.’ on the same day, Chairman Choi said, “Despite the worsening business environment due to COVID-19, the company’s relentless efforts for the localization and specialization of communication equipment are leading to valuable results.” He added, “Going forward, the Korea Credit Guarantee Fund will continue to pay attention and provide support so that new growth engine companies can grow into global enterprises.”

Established in May 2008, ‘Wooribyeol Co., Ltd.’ is an innovative SME producing essential communication network equipment such as industrial wired and wireless transmission devices. The company has developed public and military communication equipment with proprietary technology, solidifying its position as a leading company in integrated wired and wireless communications. Recently, it has expanded its business area to the renewable energy sector and is actively investing. The Korea Credit Guarantee Fund supported ‘Wooribyeol Co., Ltd.’ with a green guarantee of 2.95 billion KRW (total guarantee of 8.45 billion KRW) based on a technology evaluation to expand its renewable energy business.