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To maintain the strength and soundness of CGFs,  provides reguarantees for a certain proportion of the original guarantees provided by CGFs to Micro enterprise.
In the case of default, the is responsible for the reguaranteed amount when a CGF pays its guarantee obligation to the financial institution in place of the debtor. |
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is the only reguarantee organization in korea reguarantee service was unducted by KODIT & KIBO before
Jan. 1. 2004 |
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50% of the original guarantee, to a maximum of 200 million won. |
¡Ø 60% of the original guarantee in cases where regional economies are having difficulty or have been hit by
natural disaster. |
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0.8% of the reguaranteed amount per annum. |
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1. The micro enterprise applies for the guarantee to a CGF. |
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2. The CGF issues a letter of guarantee to the financial institution after screening the guarantee application. |
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3. The micro enterprise pays the guarantee fee to the CGF. |
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4. The CGF pays the reguarantee fee to KOREG. |
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5. The financial institution provides the guaranteed loan to a micro enterprise. |
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6. In case the micro enterprise cannot repay the guaranteed loan, the financial institution requests payment in
subrogation to the CGF. After screening the request for payment in subrogation, the CGF repays the financial
institution in place of the micro enterprise. |
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7. The CGF claims payment of loss compensation(reguarantee money) to the KOREG, after making payment in
subrogation. |
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8. KOREG pays the CGF 50% of the subrogated amount after screening the claim of loss compensation. |
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9. When the CGF recovers money by exercising the right of indemnity, it pays KOREG the sum equivalent to the
proportion covered by the reguarantee. |
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