Kibo, 810 Billion KRW Agreement Guarantee Supply with Woori Bank and Hana Bank

Promoting Policy Support for Key Industries

The Korea Technology Finance Corporation announced on the 14th that it has signed a 'Financial Support Agreement for Overcoming Crises in Key Industries and Strengthening Export and Technology Competitiveness' with Woori Bank and Hana Bank.

This agreement was established to support small and medium-sized enterprises (SMEs) operating in key industries in overcoming crises amid increasing domestic and international economic uncertainties, and to promote innovative growth of SMEs by strengthening the foundation of export and technology competitiveness. Kibo and the partner banks plan to provide agreement guarantees worth up to 810 billion KRW through special contributions and guarantee fee support.

Kibo Technology Guarantee Fund Headquarters. Provided by Kibo Technology Guarantee Fund

Kibo will preferentially support special contribution agreement guarantees worth 180 billion KRW, funded by the partner banks' special contributions of 9 billion KRW. Kibo will offer benefits such as an increase in the guarantee ratio (from 85% to 100%) and a reduction in guarantee fees (0.2 percentage points decrease for 3 years).

Additionally, based on the partner banks' guarantee fee support fund of 6.3 billion KRW, Kibo will supply guarantee fee support agreement guarantees worth 630 billion KRW, while the partner banks will support guarantee fees (0.5 percentage points for 2 years).

The support targets are SMEs that meet Kibo's technology guarantee requirements among new technology businesses, including those in ▲overcoming crises in key industries ▲strengthening export competitiveness of key industries ▲enhancing technology competitiveness of key industries ▲creating startup ecosystems ▲strengthening SME competitiveness ▲and sustainable growth sectors.

Kim Jong-ho, Chairman of Kibo, stated, "We will continue to pursue policy support for key industries to actively respond to help SMEs overcome management crises and strengthen export competitiveness."