The Korea Specialty Contractors Guarantee Association (K-FINCO) announced on the 27th that its cumulative guarantee performance has surpassed 400 trillion won.
The construction guarantees provided by the association are financial services that secure the fulfillment of various contracts with project owners or primary contractors. The association evaluated that these guarantees, which come in various forms such as bid, contract, defect, advance payment, and construction equipment guarantees, have played a role in stabilizing cash flow at construction sites. Member companies benefit by improving their credit ratings, which helps facilitate business activities such as obtaining loans from financial institutions or securing new contracts.
Eunjae Lee, Chairman of the Korea Specialty Contractors Guarantee Association (sixth from the left), and representatives of 10 outstanding member companies are taking a commemorative photo at the "400 Trillion Won Guarantee Performance Achievement Ceremony" held on the 24th. Photo provided by the association
The association surpassed 300 trillion won in 2021 and has now exceeded 400 trillion won in just four years. Since first surpassing 100 trillion won in 2006 and 200 trillion won in 2012, the association has steadily expanded its scale. It has focused on expanding customized financial services and identifying promising member companies to increase its market share. Recently, the association has raised the limit for special construction stabilization loans, launched a mobile service application, and introduced direct guarantee screening, thereby lowering the barriers to its services.
At the commemorative event held on the 24th, Eunjae Lee, Chairman of the Korea Specialty Contractors Guarantee Association, stated, "We will continue to be a reliable financial partner for our member companies and work together for the stable growth and sustainable development of the construction industry."
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