Jungjinkong Launches Debt Adjustment Campaign to Support Recovery of Insolvent Debtors

Held Four Times a Year... Up to 70% Reduction in Delinquent Debts

The Small and Medium Business Corporation announced that it will conduct the 'Delinquent Debtor Debt Adjustment Campaign' a total of four times from the 24th to September 30th to help delinquent debtors recover their credit.

Jungjingong

This campaign targets delinquent debtors whose contracts were terminated due to long-term overdue payments on loans from the Corporation, and whose businesses have been closed but who have the willingness to repay. It provides support such as ▲debt reduction ▲new agreements for installment repayment ▲cancellation of delinquency information upon partial repayment.

In particular, preferential benefits on reduction rates will be offered to socially vulnerable groups and debtors willing to make lump-sum repayments.

Kim Il-ho, Director of Corporate Finance at the Small and Medium Business Corporation, said, “Since 2019, the Corporation has been conducting debt adjustment campaigns to support the recovery of delinquent debtors,” adding, “Through this campaign, we will alleviate the debt burden of entrepreneurs who have inevitably become defaulters and spare no effort to support their new leap forward.”