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Business Areas
Support for Household Economic Recovery
KAMCO supports the financially vulnerable resume economic activities by providing various credit recovery programs.
Overview of KAMCO's Household Economic Recovery Support Business
KAMCO, which introduced Korea's first pubilc credit recovery support system in 1997, has supported the economic recovery of the financially vulnerable class through its debt restructuring programs by establishing bad banks such as Hanmaum Finance and Heemang moah. During the Global Financial Crisis in 2008 which caused a rapid increase of the financially vulnerable class, KAMCO established the Credit Recovery Fund, which in 2013 was reorganized into the National Happiness Fund. Through various services implemented through the National Happiness Fund, such as debt restructuring and microcredit, KAMCO has supported 2.8 million people, mitigating their financial burden and supporting them to gain stability over their financial future.
KAMCO's credit recovery, microfinance programs
| Type | Summary | Details |
|---|---|---|
| Debt Restructuring | Provides credit recovery support including debt reduction and installment repayments by purchasing long-term delinquent debts |
- Reduce debts by 20-90% of the principal and interest are fully exempted depending on the debtor’s ability |
| Microcredit | Provides micro-credit loans to faithful debtors for emergency needs |
- Up to KRW 20 million - Loan rate 2.1~4% annually, maximum five years |