▲ Homeplus
The Korea Credit Guarantee Fund (KODIT) plans to provide emergency liquidity support of up to 300 billion won to small and medium-sized enterprises (SMEs) and middle-market companies affected by the discontinuation of Homeplus's rehabilitation proceedings.
The Financial Services Commission (FSC) held a "Homeplus Financial Sector Response Review Meeting" at the Government Complex Seoul today (July 6), presided over by Secretary General Shin Jin-chang, with representatives from the Financial Supervisory Service (FSS), the Korea Federation of Banks, commercial banks, and KODIT to discuss these measures.
As a follow-up to the support measures for Homeplus employees and partner companies by the relevant agency task force (TF), the meeting reviewed trends regarding the decision to discontinue Homeplus's rehabilitation proceedings and the status of financial support for partner companies, while discussing future response directions.
At today's meeting, KODIT decided to provide emergency liquidity through "Crisis Response Special Guarantees" to SMEs and middle-market companies that have suffered direct or indirect damages, in preparation for the possibility of prolonged non-payment of supply invoices due to the discontinuation of the rehabilitation proceedings.
The Crisis Response Special Guarantee is a system established in May of last year to support companies affected by U.S. tariff measures and industrial crises.
Target companies are offered preferential treatment in terms of guarantee limits and guarantee fee rates.
The guarantee limit will be raised from 300 million won to 500 million won, and the guarantee fee rate will be reduced by 0.5 percentage points.
KODIT has decided to newly include Homeplus-affected SMEs and middle-market companies as targets for the Crisis Response Special Guarantee, and to operate and support these guarantees separately within the special guarantee program, with a total scale of up to 300 billion won.
Applications for support are available starting today.
Chae Byeong-ho, Head of the New Business Division at KODIT, stated, "We have disseminated the support details to all branches nationwide to minimize the time required from the field to the actual supply of funds."
A review of the banking sector's support trends showed that approximately 5 trillion won in financial support has been provided over the approximately 1 year and 4 months since the commencement of Homeplus's rehabilitation proceedings on March 4 of last year.
This includes 4.8944 trillion won in maturity extensions for accounts receivable-backed loans for individual business owners and small corporations (4,454 cases), 122.3 billion won in repayment deferrals (2,999 cases), and 15.8 billion won in new emergency funding (93 cases).
Secretary General Shin Jin-chang urged, "Please continue to carefully manage the situation so that the financial difficulties of small and medium-sized partner companies can be alleviated through additional maturity extensions and repayment deferrals."
In addition, the FSS will continue to operate the "Financial Difficulty Consultation Center for Homeplus Suppliers and Tenants" and has strengthened its linkage with one-stop consultation windows at other institutions.
The authorities also decided to continue daily monitoring.
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