Korea Credit Guarantee Fund and Hana Bank Launch 140 Billion Won Financial Support for New Industries

Benefits Include Preferential Guarantee Ratios and Support for Guarantee Fees

The Korea Credit Guarantee Fund announced on December 22 that it had signed a "Financial Business Agreement to Expand Productive Finance for Strengthening the Promising New Industry Ecosystem" with Hana Bank on December 19.

This agreement was established to expand productive finance for companies operating in promising new industries and to alleviate their financial burdens.

Under the agreement, Hana Bank will contribute a total of 3 billion won to the Korea Credit Guarantee Fund (2 billion won as a special contribution and 1 billion won as a guarantee fee support fund). Using these funds, the Korea Credit Guarantee Fund plans to provide special contribution agreement guarantees and guarantee fee support agreement guarantees totaling 140 billion won.

Eligible recipients include companies in new growth industries, promising startups, export-oriented and overseas expansion companies, and job-creating companies.

The Korea Credit Guarantee Fund will apply a 100% guarantee ratio for three years to companies receiving the special contribution agreement guarantee, along with a 0.2 percentage point reduction in guarantee fees. In addition, through the guarantee fee support agreement guarantee, the fund will provide an annual 0.5 percentage point guarantee fee support for two years.

A representative from the Korea Credit Guarantee Fund stated, "We expect this agreement to strengthen the growth foundation of companies in promising new industries and enhance the competitiveness of the related industry ecosystem. Going forward, we will continue to expand the supply of productive finance through cooperation with relevant organizations."