Kibo Collaborates with KOICA and Changjinwon to Support SMEs Expanding Overseas

The Korea Technology Finance Corporation (Kibo) announced on the 2nd that it has signed a business agreement with the Korea International Cooperation Agency (KOICA) and the Korea Institute of Startup & Entrepreneurship Development (KISED) to establish a mutual linkage system among support programs for small and venture businesses.

According to this agreement, the three organizations plan to create synergy by linking KOICA's innovative technology program (CTS), Kibo's social venture support policies, and KISED's TIPS program to contribute to the overseas expansion of small businesses and the achievement of Sustainable Development Goals (SDGs) in developing countries.

(From left) Oh Young-joo, Minister of SMEs and Startups, Kim Jong-ho, Chairman of Kibo, Jang Won-sam, President of Korea International Cooperation Agency, Choi Yeol-su, Acting President of the Korea Institute of Startup & Entrepreneurship Development, and Cho Tae-yeol, Minister of Foreign Affairs, are posing for a commemorative photo after signing a business agreement.

Kibo will actively support companies participating in KOICA's innovative technology program (CTS) to be easily recognized as social ventures and will actively provide support for the ‘Social Venture Impact Guarantee,’ a product exclusively for social venture companies. Since the launch of this product in 2018, Kibo has achieved a total of 757.7 billion KRW in new supply through the Social Venture Impact Guarantee, which offers various benefits such as ▲100% full guarantee ▲guarantee fee reduction (0.5 percentage points) for social venture companies.

Kim Jong-ho, Chairman of Kibo, stated, “By combining the capabilities of institutions under the Ministry of SMEs and Startups and the Ministry of Foreign Affairs, we will actively support startups and social ventures with innovative technologies to solve social and economic problems in developing countries and grow into global companies.” He added, “Kibo will continue to strengthen cooperation with related organizations to expand support for the global advancement of small and venture businesses.”