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.
|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.
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.