Kim Byung-hwan, Chairman of the Financial Services Commission, On-site Inspection of Liquidity Support for Victimized Companies of T-Mef

Visit to Shin Yong Bo Jeung Geum Namdaemun Branch
"Support Without Shortage"

On the morning of the 9th, Financial Services Commission Chairman Kim Byung-hwan visited the Namdaemun branch of the Korea Credit Guarantee Fund on the first day of accepting applications for the liquidity support program for companies affected by delayed settlements from TMON and WEMAKEPRICE (TMEP). He personally toured the consultation desks to inspect the execution site.

Chairman Kim stated, "It is expected that the business difficulties of tenant companies will be very severe due to the delayed settlement of sales proceeds from TMEP," and added, "I appreciate the Korea Credit Guarantee Fund and Industrial Bank of Korea for preparing the program with preferential conditions to support the affected companies. Now, swift execution is crucial."

He also urged consultation staff to ensure that the damage information identified during the application and consultation process is thoroughly shared among related agencies so that affected companies can utilize more advantageous support programs or choose other support programs such as debt adjustment, emphasizing the importance of close attention.

Chairman Kim emphasized, "We will promptly prepare additional funding support measures if necessary while monitoring the fund execution status," and assured, "We will fully support the companies affected by the TMEP settlement delay."

Meanwhile, from this day forward, applications for the policy financial institutions' liquidity support program for companies affected by the TMEP settlement delay will begin. The agreement program, supplied by the Korea Credit Guarantee Fund and the Industrial Bank of Korea, amounts to 300 billion KRW plus alpha (α) and is based on the Korea Credit Guarantee Fund's special guarantee (90% guarantee ratio) combined with preferential interest rate loans from the Industrial Bank of Korea. The limit per company is up to 3 billion KRW based on the amount of delayed settlement from TMEP. Amounts under 300 million KRW can be used with only confirmation of the damage. Amounts exceeding 300 million KRW may be subject to amount restrictions through company-specific limit assessments. The loan interest rate ranges from 3.9% to 4.5%, and the guarantee fee is also applied at the lowest rate: 0.5% for amounts under 300 million KRW and up to 1.0% for amounts exceeding 300 million KRW. Those wishing to use the program can apply by visiting one of the 99 Korea Credit Guarantee Fund branches nationwide. After visiting and applying, the loan can be utilized through the Industrial Bank of Korea following guarantee screening.

Financial Services Commission Chairman Kim Byung-hwan visited the Namdaemun branch of the Korea Credit Guarantee Fund in Jung-gu, Seoul, on the morning of the 9th, the first day of accepting applications for the liquidity support program for companies affected by delayed settlements from TMON and WEMAKEPRICE. He inspected the execution site and encouraged the counseling staff while touring the consultation desks.
[Photo by Financial Services Commission]