However, during a period of less than half a century, Korea’s story has changed from one of poverty to one of economic success. Per capita income, no more than 80 dollars in 1960, reached 10 thousand dollars last year. In the course of this change, Korea has transformed itself from a closed farming country to an open industrial nation.
We have seen how MSMEs that lack collateral, gain access to bank loans and grow their business with the support of the credit surety fund program. As of August 2015, the 43 operating CSFs in the country have benefitted 14,600 MSME borrowers who received a total of P1.7 billion in bank loans.