Korea Technology Finance Corporation and KB Kookmin Bank Join Forces to Foster the K-Content Industry

Signing of Business Agreement
500 Billion Won in Guarantee Support to Be Provided

On October 16, Korea Technology Finance Corporation announced that it had signed a "K-Content Enterprise Financial Support Agreement" with KB Kookmin Bank to foster the cultural content industry and revitalize the market. This agreement was initiated to address the financial difficulties faced by content companies due to rising production costs and increased demand for pre-production funding during the planning and development stages, as well as to establish a financial support foundation for revitalizing the content ecosystem.

Under the agreement, Korea Technology Finance Corporation will provide guarantee fee support agreements totaling 50 billion won, based on KB Kookmin Bank’s guarantee fee support fund of 1 billion won. KB Kookmin Bank will cover the guarantee fee (1.0 percentage point, for up to two years). Eligible recipients include new technology businesses that meet Korea Technology Finance Corporation’s guarantee requirements, such as cultural content production companies and leading content industry enterprises.

Through this agreement, the two organizations plan to ease the financial burden on content production companies, support the production activities of outstanding content companies, and thereby strengthen industry competitiveness and facilitate entry into the global market.

Kim Joungho, Chairman of Korea Technology Finance Corporation, stated, "While K-Content is attracting global attention, domestic content production companies are struggling with rising production costs. Korea Technology Finance Corporation will continue to work with related organizations to strengthen support for the global expansion of K-Content and the development of the content industry."

Meanwhile, since introducing the nation’s first cultural industry completion guarantee system in 2009, Korea Technology Finance Corporation has supplied over 1.4 trillion won in guarantees as of September, supporting the production of various outstanding content such as the films "The Outlaws" (parts 2 to 4), the drama "The Fiery Priest 2," and the musical "Aladdin." This year, the corporation plans to provide 120 billion won in cultural industry completion guarantees, continuing its financial support to enhance the competitiveness of K-Content.