TIPA Discovers Promising SMEs for Investment in the Yeongnam Region

Cooperation with Dedicated Banks for SME R&D Fund Deposits

The Korea Technology and Information Promotion Agency for SMEs (TIPA) announced on the 17th that it is recruiting companies to participate in an investment fund support program for small and medium-sized enterprises (SMEs) conducting research and development (R&D) in the Daegu-Gyeongbuk and Busan-Ulsan-Gyeongnam regions.

The eligible participants are companies located in the Yeongnam region that are currently conducting or have completed SME R&D support projects under the jurisdiction of the Ministry of SMEs and Startups. Detailed information can be found through the SME Technology Development Project Integrated Management System.

TIPA

TIPA will accept applications until the 2nd of next month, then review the eligibility requirements and recommend companies to IBK Industrial Bank of Korea and Hana Bank, the dedicated banks for SME R&D. After a document review of the recommended companies, the dedicated banks will select about 20 companies and hold an investment briefing session in September to identify companies interested in investment. Through this process, follow-up meetings and separate investment evaluations will be conducted to make the final decision on investment.

Since 2021, TIPA has continuously operated the investment attraction support program in cooperation with the dedicated banks. In particular, it is actively promoting the discovery of promising investment companies to stimulate investment in non-capital region SMEs and startups that have excellent technology but tend to be overlooked in the investment market. Through this program, the SME R&D dedicated banks invested a total of 60.2 billion KRW last year, of which about 11 billion KRW was invested in seven companies located in the Yeongnam region.

Kim Young-shin, President of TIPA, said, “Despite the sluggish investment market, 32 R&D-performing companies attracted about 66.5 billion KRW in investment in the first half of 2024, achieving tangible results,” and added, “TIPA will support investments exceeding 80 billion KRW in excellent technology SMEs by the end of this year in cooperation with the dedicated banks.”