Additional Guarantee Fee Support to Ease Funding Challenges for Creators
The government is partnering with KB Kookmin Bank to ease the financial burden on small and medium-sized content companies.
The Ministry of Culture, Sports and Tourism and the Korea Creative Content Agency will sign a "K-Content Enterprise Financial Support Agreement" with KB Kookmin Bank on October 16. This collaboration aims to help small and medium-sized content companies secure stable funding and establish a foundation for growth.
KB Kookmin Bank will contribute 1 billion won each to the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation, providing a total of 2 billion won in guarantee fee support. This will supply guarantee certificates worth approximately 100 billion won. To further reduce the burden of guarantee fees, an additional 1.0 percentage point will be supported for two years. The Korea Creative Content Agency will recommend outstanding content companies to the bank and connect them with its own guarantee system to ensure effective financial support.
This is the first time the government and the financial sector have collaborated to improve financial access for content companies. The government explained that if small and medium-sized content companies, whose creative activities have been constrained by production costs, can secure stable funding, it will enable new attempts and innovation. The Korea Creative Content Agency expects this initiative to go beyond simple financial support and serve as an opportunity to strengthen the entire growth chain of the industry.
Yu Hyunseok, Acting President of the Korea Creative Content Agency, said, "Financial access is crucial for content companies to turn creative ideas into real achievements," adding, "We hope that small and medium-sized content companies will take on bolder challenges and that K-content will secure sustainable growth momentum in the global market."
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