The 'Special Guarantee Services for Micro Start-up Business' was introduced to support all types of start-up businesses.
Took over the administrative right of the Housing Finance Credit Guarantee Fund from the Housing & Commercial Bank. Became the sole management institution of the Korea Infrastructure Credit Guarantee Fund.
Adopted a partial guarantee system under which the credit risks are shared with creditor institutions and KODIT.
Introduced special credit guarantees to assist SMEs hit by the Asian financial crisis.
Commenced bill insurance services based on the Special Measures for Supporting Small Enterprises.
The Korea Credit Guarantee Fund Act was amended (5th Amendment): The competent authority supervising governmental contributions was changed from the Ministry of Finance and Economy to the Small and Medium Business Administration.
Launched re-guarantee services for local credit guarantee foundations.
The Korea Credit Guarantee Fund Act was amended (4th Amendment): The restrictions on eligibility according to industry sector were abolished. The ceiling on the total outstanding credit guarantees was amended from 15 times to 20 times the total capital funds. Legal ground for re-guarantee services to local credit guarantee foundations was established. The time period of contributions from financial institutions was extended to the end of 2000.
The Korea Credit Guarantee Fund Act was amended (3rd Amendment): The time period of contributions from financial institutions was extended to the end of 1995. Legal ground for the recovery of payment was strengthened.