Loan Support for Partner SMEs’ Production Funds
The Small and Medium Business Corporation announced on the 16th that it has signed a “Win-Win Growth Network Loan Agreement for the Glocal Industrial Leap of Ulsan Shipbuilding Industry” with HD Hyundai Mipo.
The signing ceremony was held with the attendance of about 30 people, including Kang Seok-jin, Chairman of the Small and Medium Business Corporation, Kim Hyung-kwan, CEO of HD Hyundai Mipo, and representatives from partner companies.
This agreement was established to provide liquidity worth 20 billion KRW to small and medium-sized enterprises cooperating in the shipbuilding industry through the Small and Medium Business Corporation’s Win-Win Growth Network Loan, and to restore competitiveness and build a stable supply chain in the region’s key industry, shipbuilding. The main contents of the agreement include ▲financial support through the Win-Win Growth Network Loan for partner SMEs ▲job creation utilizing the Corporate Workforce Difficulty Support Center and the foreign student employment linkage platform “K-work” ▲discovery and promotion of excellent companies.
The Win-Win Growth Network Loan operates on a structure where the Small and Medium Business Corporation provides short-term production funds as loans to partner SMEs (contractors) based on purchase orders from large and medium-sized enterprises (ordering companies) that have signed a win-win growth agreement with the Corporation, and after delivery is completed, the ordering companies transfer their accounts receivable to the Corporation for repayment.
Kang Seok-jin, Chairman of the Small and Medium Business Corporation, said, “This agreement will become a representative win-win model for growth between large and small-medium enterprises,” adding, “We will continue to actively support the Win-Win Growth Network Loan to lead not only stable fund procurement for contracting companies but also supply chain stability and employment expansion in the region’s key industries.”
Kim Hyung-kwan, CEO of HD Hyundai Mipo, said, “The agreement with the Small and Medium Business Corporation is like a timely opportunity to secure liquidity for HD Hyundai Mipo’s partner SMEs,” and added, “We expect that partner companies will be able to further strengthen their competitiveness through reinvestment aimed at improving productivity.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
