Preferential Guarantee Support Worth a Total of 460 Billion KRW for Innovative Companies
[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jeong Yun-mo, hereinafter referred to as Kibo) announced on the 19th that it has signed a 'Financial Support Agreement for Fostering Innovative Industries and Activating Technology Startups' with Kookmin Bank (President Hur In) to support the startup and scale-up of innovative companies. This agreement was established to support innovative companies, and the two institutions have agreed to actively promote the development of innovative industries and the activation of technology startups by establishing a customized collaboration system.
To this end, Kookmin Bank will contribute a special fund of 8 billion KRW and guarantee fee support funds to Kibo, and Kibo plans to use the contribution as a resource to offer preferential guarantee rates and fees, supporting a total of 460 billion KRW in preferential guarantees. The support targets are startups within 7 years of establishment that have a significant job creation effect or employ socially vulnerable groups, including ▲innovative growth sector companies (R&D companies, TECH Valley companies, technology startup companies) ▲social enterprises ▲job-creating companies, etc.
In particular, companies affected by COVID-19, export SMEs, participants and suppliers of smart factories, companies located in regulatory sandboxes and free economic zones, and other sectors requiring urgent social support or proactive and preemptive support will be supported regardless of business age. Jeong Yun-mo, Chairman of Kibo, stated, "Through collaboration with Kookmin Bank, Kibo will support the scale-up of innovative industries and technology startups, and fulfill its role as a financial support platform that proactively responds to government priority issues such as COVID-19 damage, regulatory sandboxes, and free economic zones."
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