Joint Discovery and Nurturing of Promising Export SMEs
Business Agreement to Boost Export Vitality
The Small and Medium Business Corporation and the Korea Trade Insurance Corporation announced on the 28th that they have signed a "business agreement to strengthen the global competitiveness of promising export SMEs."
Through this agreement, the two organizations agreed to cooperate on ▲ strengthening financial linkage through preferential guarantees ▲ promoting exports and overseas expansion of SMEs ▲ supporting export capacity building such as trade practice education.
The Small and Medium Business Corporation plans to support interest rate subsidies (up to 3 percentage points) for companies using export financing, while the Korea Trade Insurance Corporation will provide preferential guarantees such as increased guarantee ratios (95-100%) and a 20% discount on guarantee fees to reduce the financial burden on companies.
In particular, the Small and Medium Business Corporation will provide information on occupancy at the Global Business Center (GBC) and K-Startup Center (KSC) to help promising export companies recommended by the Korea Trade Insurance Corporation establish stable sales channels, and the Korea Trade Insurance Corporation will offer free credit investigations of overseas local buyers for resident companies.
Kang Seok-jin, Chairman of the Small and Medium Business Corporation, said, “By combining the support projects and know-how of both organizations to provide linked support to promising export SMEs, we expect to achieve greater results than individual support from each organization. We will continue to develop collaborative models between institutions to enhance the export vitality of SMEs and strive to restore the dynamism of the Korean economy.”
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