Korea Credit Data Teams Up with National Credit Guarantee Funds

Korea Credit Data (KCD) has embarked on innovating the financial environment for small business owners by signing a Memorandum of Understanding (MOU) with credit guarantee foundations nationwide. KCD, having partnered with major regional foundations across the country including Seoul, Gyeonggi, Incheon, Daegu, Busan, and Chungnam, plans to enhance the credit guarantee process for small business owners by leveraging data accumulated through 'Cashnote,' a business management service adopted by 1.8 million businesses. The core of this collaboration lies in significantly improving financial accessibility for small business owners and providing practical, customized support programs. KCD will streamline and effectively improve credit guarantee procedures based on Cashnote data, while the foundations will strengthen their role in providing essential credit guarantees to small business owners who face difficulties in loan assessments from financial institutions due to credit rating issues. Data from the Cashnote service provides key business information such as real-time sales and expense management and customer management for small business owners, enabling regional credit guarantee foundations to make quick and accurate decisions in policy formulation and implementation processes. In fact, the Chungnam Credit Guarantee Foundation is already using KCD data to analyze local small business economic trends and promptly reflect them in policies, creating a successful precedent. Furthermore, KCD and the credit guarantee foundations will continue their efforts to strengthen the competitiveness of small business owners. They plan to jointly organize various educational and consulting programs, support data-driven policy development for small business owners, and strengthen promotional activities to increase awareness of support programs. KCD is exploring broad support for small business owners, who are a financially vulnerable group, including leading the Korea SOHO Bank consortium, which provides medium-interest loans and financial services exclusively for small business owners. Going forward, KCD plans to continue its collaboration with regional credit guarantee foundations to lead in creating a financial ecosystem that enhances the business stability and competitiveness of small business owners nationwide. Kim Dong-ho, CEO of KCD, emphasized, "Through data-driven cooperation, we will provide practical and immediate financial support effects to all business owners, which will be of great help in improving fund management and the business environment."