Koreg Supports Self-Employed Rehabilitation with 297.6 Billion Won Bond Sale

Bond Purchase and Sale Agreement with Sae-Do-Yak Fund
27,609 Cases Transferred in First Sale

The Korea Federation of Credit Guarantee Foundations (Koreg) announced on the 6th that it will sign a bond purchase and sale agreement worth 297.6 billion won between regional credit guarantee foundations and the Sae-Do-Yak Fund.

After the launch of the new government, Koreg and regional credit guarantee foundations signed an agreement with the Sae-Do-Yak Fund, which was established to help individuals and self-employed business owners who have been in long-term delinquency make a fresh start. Early this year, they completed the construction of internal computer systems and the distribution of manuals, and finalized the first batch of assets for sale through resolutions of the steering committee and other procedures.

Through the first sale, 27,609 cases of bonds held by regional credit guarantee foundations, worth 297.6 billion won, will be transferred to the fund, and approximately 23,708 debtors are expected to gain an opportunity for rehabilitation support through the sale. Starting with this first sale, Koreg plans to continue pursuing the resolution of long-term delinquent bonds through the fund.

Won Youngjun, Chairman of Koreg, said, "We will do our utmost to support small business owners whose economic activities have been suspended due to excessive debt so that they can return as members of our economy through the fund," adding, "We will actively work to prepare guarantees that they can receive in order to help rehabilitated small business owners make a fresh leap forward."