Chungnam Credit Guarantee Foundation Offers Special Debt Adjustment Through June...Maximum Reduction of Delinquency Interest

Includes Debt Relief for Long-Term Delinquents and Socially Vulnerable Groups... "Supporting the Recovery of Small Enterprises and Small Business Owners"

The Chungnam Credit Guarantee Foundation is launching a temporary special debt adjustment program for small enterprises and small business owners in South Chungcheong Province who are struggling with excessive debt and long-term delinquency.

The foundation plans to reduce repayment burdens and support a return to normal economic activity by cutting delinquency interest and extending installment repayment periods.

The Chungnam Credit Guarantee Foundation announced on the 23rd that it will implement a special debt adjustment program through the end of June for small enterprises and small business owners who are indebted to the foundation.

This program focuses on alleviating the burden on debtors who are having difficulty repaying their debts due to sluggish domestic demand and the impact of the economic downturn.

The main support measures include: up to the maximum possible reduction of delinquency interest (penalty charges), extension of installment repayment periods, early removal of negative credit records, and debt relief for long-term delinquents and socially vulnerable groups.

In addition to its own debt adjustment, the Chungnam Credit Guarantee Foundation plans to provide tailored support that fits each debtor's situation by linking public debt adjustment schemes and the "New Start Fund."

Chairman Cho Soheng said, "In these difficult economic conditions caused by weak domestic demand, we will work to provide practical support so that small enterprises and small business owners in the province can get back on their feet," adding, "We will do our best to ensure that the special debt adjustment program becomes an opportunity to overcome this crisis."