Kibo Partners with Incheon City and Incheon Startup Park for Support Collaboration

Preferential Guarantee Support for Tenants at Incheon Startup Park

(From the left) Park Namchun, Mayor of Incheon Metropolitan City, and Jung Yunmo, Chairman of Kibo, are taking a commemorative photo after the signing ceremony.

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter referred to as Kibo) announced on the 14th that it has signed a 'Business Agreement to Support Incheon Startup Park for Fostering Innovative Growth Startups' with Incheon Metropolitan City (Mayor Park Nam-chun, hereinafter referred to as Incheon City).

This agreement was prepared to establish a collaborative system for the innovative growth of Incheon Startup Park, Korea's first startup park aiming to create a Korean-style Silicon Valley, and to support the commercialization and global competitiveness of promising startups with technological capabilities through preferential guarantees.

Incheon Startup Park is an innovative startup cluster where members of the startup venture ecosystem can communicate, interact, and grow in an open space. The Ministry of SMEs and Startups started the Startup Park creation project in 2019, and in February this year, it opened the first domestic park in Songdo International City, Incheon Free Economic Zone.

According to the agreement, Incheon City will discover and recommend resident companies in the Startup Park with excellent technology, and Kibo plans to support preferential guarantees for companies recommended by Incheon City to enhance their global competitiveness and nurture them as leading companies for overseas expansion.

The target companies for support are ▲ resident companies of Incheon Startup Park ▲ separately recommended companies participating in programs conducted by Incheon Startup Park. Kibo plans to provide support such as ▲ increased guarantee ratio (85% → 95%) ▲ reduction of guarantee fees (0.4 percentage points for 3 years) ▲ expansion of working capital guarantee amount that can be supported regardless of sales performance (100 million KRW → 200 million KRW).

In addition to preferential guarantee support, Kibo will actively cooperate to establish a comprehensive support system including non-financial services such as guarantee-linked investment recommendations, participation in Kibo Venture Camp, technology transactions, and technology protection support to promote the innovative growth and successful global expansion of resident companies in Incheon Startup Park.

Jung Yoon-mo, Chairman of Kibo, said, "This business agreement is significant as it establishes a cooperation model with Incheon City for the innovative growth of promising startups in Incheon Startup Park, Korea's first startup park." He added, "Kibo will continue to do its best to enhance the global competitiveness of excellent technology companies in Incheon Startup Park and nurture them as leading companies for overseas expansion."