KIPO Prioritizes 'IP Collateral Loans' for COVID-19 Affected Companies

Deputy Commissioner Cheon Se-chang of the Korean Intellectual Property Office (Head of the KIPO COVID-19 Response Intellectual Property Support Task Force) is presiding over a meeting on COVID-19 damage and response support at the Government Daejeon Complex. Photo by KIPO

[Asia Economy (Daejeon) Reporter Jeong Il-woong] The Korean Intellectual Property Office (KIPO) will prioritize companies affected by the novel coronavirus infection (COVID-19) by implementing 'Intellectual Property (IP) Secured Loans' and other support measures.

On the 28th, KIPO announced the formation of the 'COVID-19 Response IP Support Task Force (TF)' to strengthen support for companies affected by the COVID-19 crisis and those involved in response efforts (such as vaccine development, prevention, quarantine, and diagnosis).

The support primarily involves prioritizing IP-secured loans from seven major commercial banks?Hana Bank, Shinhan Bank, Kookmin Bank, Woori Bank, NongHyup Bank, Korea Development Bank, and Industrial Bank of Korea?when these companies require business funds.

Additionally, when selecting recipients for intellectual property policy support projects such as IP R&D and IP Narae, priority will be given to companies affected by COVID-19. This will be done by allocating a certain percentage of project targets to these companies or awarding additional points during the selection evaluation.

KIPO plans to defer premium payments for affected companies enrolled in the patent mutual aid program and, in cooperation with the Korea Technology Finance Corporation, will support special guarantees for small and medium-sized enterprises (SMEs) at risk due to COVID-19.

Efforts to prevent the spread of COVID-19 will also be pursued simultaneously. Examination and trial procedures for patents, trademarks, and designs will be improved, and examinations and trials related to COVID-19 fields will be expedited. In particular, KIPO explained that examinations and trials directly related to public health will be handled through priority examination and trial procedures to prevent any delays.

Earlier, KIPO postponed the '57th Patent Attorney First Examination' scheduled for the 29th of this month and took measures such as closing the Creative Invention Experience Center until the end of next month.

Park Won-joo, Commissioner of KIPO, stated, “KIPO will focus its capabilities on protecting the health and safety of the public from COVID-19 and minimizing corporate damages.”