Let's Grow into a Global Company... Ulsan City and Credit Guarantee Fund Support Glocal Startups

Supporting Regional Specialized Startup Development and Revitalizing the Startup Ecosystem

Ulsan City (Mayor Kim Doo-gyeom) and the Korea Credit Guarantee Fund (Chairman Choi Won-mok) will sign a "Glocal Startup Joint Support Project Business Agreement" at 10:30 a.m. on the 27th in the reception room of Ulsan City Hall.

"Glocal" is a compound word of Global and Local, meaning globalization based on local regions.

This agreement was prepared to resolve the concentration of the startup ecosystem in the metropolitan area by having non-metropolitan local governments and the Korea Credit Guarantee Fund cooperate to discover regionally specialized startups and support their growth so that these companies can expand globally based on their regions.

According to the agreement, Ulsan City will recommend regionally specialized startups with high growth potential within seven years of establishment to the Korea Credit Guarantee Fund, which will then provide a customized guarantee program applying the "Glocal Startup Specialized Guarantee" to the recommended companies.

This guarantee program is a non-metropolitan startup exclusive product launched by the Korea Credit Guarantee Fund last October, offering preferential conditions such as a 100% guarantee ratio, a fixed guarantee fee rate of 0.5%, preferential guarantee limits, and additional points for selection as a First Penguin (leading company).

Additionally, the Korea Credit Guarantee Fund will provide startups recommended by Ulsan City with opportunities to utilize its expertise and network not only in guarantee systems but also in investment attraction and overseas expansion.

Kim Doo-gyeom, Mayor of Ulsan City, said, "Financial capability is important for early-stage entrepreneurs, and I hope this will serve as a catalyst that actively discovers excellent startups and drives their growth and transformation through smooth financial support."