Geun Woo Seoh ( KODIT) Beyond Financial Accessibility: Evolution of Credit Guarantee
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This document discusses the evolution of credit guarantee programs in Korea. It provides background on the financial environment for small and medium enterprises (SMEs) in Korea and the role that credit guarantee programs have played. It then discusses a new path for credit guarantee programs, focusing on supporting SMEs through different growth stages from pre-startup to expansion, including export support and assisting firms with initial public offerings. The goal is to help promising SMEs grow into medium and large enterprises and boost their global competitiveness.
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- 2. CONTENTS Financial Environment of SMEs in Korea Roles of Credit Guarantee in Korea New Path of Credit Guarantee I II III
- 3. 3 Seoul National University Ph.D. in Economics 1995 M.A. in Economics 1985 Korea Credit Guarantee Fund Chairman & CEO 2013.10 ~ Korea Institute of Finance Director Planning & Cooperation Division 1995~2013 Hana Financial Group Deputy President 2005~2009 Financial Supervisory Commission Director General Corporate Restructuring Bureau 1998~2001 Korea Investors Service Director Credit Rating & Research 1988~1995
- 4. 4 ▪ Type of Organization : Governmental institution ▪ Year of Establishment : 1976 ▪ Capital Fund : 4.7 billion EUR ▪ Business Line-up : Credit guarantee 28 billion EUR P-CBO guarantee 4.7 billion EUR SOC credit guarantee 2.3 billion EUR Credit insurance 9.1 billion EUR ▪ Number of Beneficiaries : 223,000 ▪ Number of Employees : 2,704 ▪ Business Network : 9 business headquarters, 102 branches *Based on outstanding amount at the end of 2013
- 5. 5 23.8 (21) 52.4 (45) 23.7 (20) 56.8 (196) 38.7 (134) 4.5 (15) 42.2 (332) 42.9 (337) 14.9 (116) 1997 2006 2013 (from1997) x16 x7.5 x5.8 (Unit: %, billion €)
- 6. 6 Korea Japan US Benchmark interest rate* 2.25 0.1 0~0.25 Interest rate spread 1.7 0.9 3.0 SME loan default rate 2.06 2.1** 1.83 *As of September 2014 ** Default rate of total lending Source: IMD World Competitiveness Yearbook (2014)
- 7. 7 20 30 40 50 60 70 80 2008 2009 2010 2011 2012 2013 % % % % % % % 50% 58% 42% 20 30 40 50 60 70 80 2008 2009 2010 2011 2012 2013 % % % % % % % 74% 72% 26% 28% Source: Bank of Korea
- 8. 8 -20% 0% 20% 40% 60% 80% 100% -5% 0% 5% 10% 15% 20% 25% '83 '84 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 Asian Financial Crisis Asian Financial Crisis Burst of IT Bubble & Credit Crunch Burst of IT Bubble & Credit Crunch Global Financial Crisis Global Financial Crisis GDP Growth Rate Credit Guarantee Growth Rate Source: Bank of Korea, KODIT
- 9. 9 370 422.4 443.5 441 454.9 461.3 489 508.8 보증이용률, 11.1%보증이용률, 10.8%보증이용률, 14.1%보증이용률, 14.9%보증이용률, 14.3%보증이용률, 14.4%보증이용률, 14.6%보증이용률, 14.5% 2007 2008 2009 2010 2011 2012 2013 2014.6 중기대출잔액 보증이용률 255 291 299 304 314 318 337 11.1% 10.8% 14.1% 14.9% 14.3% 14.4% 14.6% 0% 5% 10% 15% 20% 25% 30% 0 100 200 300 400 2007 2008 2009 2010 2011 2012 2013 SME loan Percentage of guaranteed loan (Unit: billion €, %) * Guaranteed loan : sum of loans guaranteed by KODIT, KOTEC and 16 local KGFs Source: Bank of Korea, KODIT
- 10. 10 Creation of new market & Reinforcement of existing market Idea Creativity Knowledge opportunity Unused technology Commercialized technology New technology Potential innovative technology Existing product Existing industry
- 12. 12 Pre-start up Guarantee Start-up Guarantee Early Stage Guarantee Growth Stage Guarantee Profit/Loss Business Stage Time Guarantee Product
- 13. 13 Support promising SMEs to grow medium & large enterprises Classification by growth stage : Frontier STAR → Rising STAR → KODIT STAR Support exporting SMEs with technology and future prospect Assist the expansion of SMEs to have global presence Promote growth of hidden champions through IPO (Financial support) P-CBO guarantee, guarantee with investment (Non-financial support) IPO-consulting, joint I/R session, etc.
- 14. 14 Thank you