Agreement on Support for Regional Balanced New Deal between Kibo and Jeollabuk-do

Establishing a Comprehensive Support System to Foster Regional Key Industries in Collaboration with Related Organizations

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Kim Jong-ho, hereinafter referred to as Kibo) announced on the 8th that it has signed a 'Comprehensive Public-Private Joint Business Agreement to Support Regional Balanced New Deal for Fostering Key Industries in Jeollabuk-do and Overcoming COVID-19 Damage' with Jeollabuk-do (Governor Song Ha-jin), Jeonbuk Bank (President Seo Han-guk), and Jeonbuk Regional Small and Medium Venture Business Administration (Administrator Yoon Jong-wook, hereinafter Jeonbuk SMBA).

This agreement was prepared to establish a comprehensive support system for technology-innovative SMEs in the Jeonbuk region by linking local governments, public institutions, and related regional organizations for regional balanced development through the success of the Jeollabuk-do regional balanced New Deal project.

Based on Jeonbuk Bank's special contribution fund of 1 billion KRW, Kibo will provide preferential guarantees worth a total of 20 billion KRW, with a maximum limit of 1 billion KRW per company, to regional balanced New Deal companies located in Jeollabuk-do and companies affected by COVID-19, including ▲increased guarantee ratio (85%→100%) ▲reduction of guarantee fees (0.2% point↓).

Jeollabuk-do plans to discover SMEs with excellent technology located in the Jeonbuk region, and Jeonbuk SMBA plans to support the innovative growth of target companies in connection with government support projects.

Kim Jong-ho, Chairman of Kibo, said, "We hope to contribute to the growth of SMEs leading regional innovation through Kibo's prompt support for Jeonbuk-type New Deal companies," and added, "Kibo will continue to actively support the success of the regional balanced New Deal project and the innovative growth of regional technology SMEs."