Gyeongnam Province Provides 20 Billion KRW Special Guarantee Support for SMEs and Venture Companies in New Deal Industry Sector

The Nation's First Case with Metropolitan Governments, Kibo, Shinbo, and Primary and Secondary Treasury All Participating

Gyeongsangnam-do Provincial Government Building Exterior View

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do announced on the 2nd that starting from the 3rd, it will provide a special guarantee worth 20 billion KRW to small and venture companies in the Gyeongnam-type regional balanced New Deal industry sector.

This special guarantee is a follow-up measure based on the 'Gyeongsangnam-do Regional Balanced New Deal Industry Promotion Financial Support Agreement' signed on the 12th of last month between Gyeongsangnam-do, the Korea Technology Finance Corporation, the Korea Credit Guarantee Fund, NH Nonghyup Bank Gyeongnam Headquarters, and BNK Gyeongnam Bank.

The special guarantee fund was created by NH Nonghyup Bank and BNK Gyeongnam Bank contributing 1 billion KRW to the Korea Technology Finance Corporation and the Korea Credit Guarantee Fund.

The Korea Technology Finance Corporation and the Korea Credit Guarantee Fund support special guarantees up to 20 times the contribution amount, which is 20 billion KRW.

Companies using the special guarantee can receive a 100% guarantee for up to 3 years within a limit of 1 billion KRW per company for business stabilization funds, and a minimum guarantee fee rate reduction of 0.2%.

If loans are taken from Nonghyup Bank or Gyeongnam Bank linked to the agreement loans, companies can also receive interest support benefits of up to 3%.

The guarantee issuance targets are companies in the Smart New Deal and Green New Deal sectors.

The Smart New Deal sector targets companies in regulatory free zones related to 5G next-generation smart factories and unmanned ships, as well as companies in bio-life, medical devices, aerospace, etc., located within the Small and Strong Research Zones.

The Green New Deal sector includes companies developing products and facilities related to renewable energy, New Deal companies in the future mobility sector, and companies related to energy efficiency improvement in green remodeling.