- Branch or Website Visit When in need of credit guarantee service, SMEs usually visit nearby KOTEC branch for consultation. The consultation can also be made online via KOTEC's website or via phone call.
- Consultation SMEs gives brief explanation on their technology projects and on the reason they need guarantee support. If the SMEs are deemed qualified after a brief qualification check, KOTEC staffers explain next steps to take including how to prepare a set of required documents.
02.Acceptance of Guarantee Application
- Application SMEs make formal guarantee application by submitting 'Technology Project Plan' and other supporting documents.
- Acceptance If the applicant meets eligibility criteria, the staffers in charge (evaluators) accept the application and formally proceed with next steps.
- Preliminary Review and Credit Check
- On-site Visit Evaluators pay on-site visit to business premises of applicants, have interviews with key management personnel and verify the facts specified in the 'Technology Project Plan' among other things.
- Technology and Risk Assessment By using KTRS, evaluators carry out an in-depth assessment on the commercial viability of the technology project and associated risks.
- Guarantee Decision Based on the KTRS ratings, decisions are made on whether to grant guarantee and how much amount of guarantee to provide.
05.Issuance of the Letter of Guarantee
- Guarantee Contract KOTEC and applicant SMEs enter into a formal guarantee contract. SMEs are required to pay upfront guarantee fee and technology appraisal fee at this point.
- Issuance of Letter of Guarantee Upon completing the guarantee contract and receiving the fees, KOTEC sends its Letter of Guarantee online to prospective lenders.