Hyundai Motor·SGI Seoul Guarantee, Unsecured Support for Startup Guarantee Insurance

[Asia Economy Reporter Choi Dae-yeol] Hyundai Motor Group and SGI Seoul Guarantee Insurance signed a business agreement on startup guarantee support and ESG (environment, social, governance) partnership on the 22nd.

Through this agreement, startups spun off from or invested in by Hyundai Motor Group can use guarantee insurance products such as permit guarantee insurance and transfer guarantee insurance required for various permits or contract orders on credit without separate collateral. The special credit limit is 500 million KRW for two years. The company expects this to enable innovative startups to grow stably.

SGI Seoul Guarantee Insurance provides startups with business-related information and assists with credit management consulting services such as management consulting reports. It also offers mandatory legal education and job-related content employee training. This is the first time SGI Seoul Guarantee Insurance has signed a business agreement for startup fostering with a private company rather than a public institution such as the government or local governments.

A Hyundai Motor Group official said, "Through this collaboration, we will be able to help startups that desperately need early support," adding, "We will continue to support innovative startups to grow stably."