KB Kookmin Bank-Kibo Sign Financial Support Agreement Worth 460 Billion KRW for Innovative Companies
[Asia Economy Reporter Kangwook Cho] KB Kookmin Bank announced on the 19th that it has signed a "Financial Support Business Agreement for Fostering Innovative Industries and Activating Technology Startups" with the Korea Technology Finance Corporation.
This business agreement was signed to support the establishment and scale-up of innovative companies by supporting technology startup companies founded on innovative industries and technologies. In particular, companies engaged in import and export with China that suffered damage due to the outbreak of COVID-19 will be given priority support.
KB Kookmin Bank will contribute a total of 8 billion KRW in special contributions and guarantee fee support funds to the Korea Technology Finance Corporation, which will issue a total of 460 billion KRW in agreement guarantees by offering preferential guarantee ratios and guarantee fee rates.
The special contribution agreement guarantee support targets COVID-19 affected companies, small and medium export companies, job-creating companies, companies located in regulatory sandbox and regulatory free zones, smart factories, and other technology startup companies regardless of their business duration. The guarantee fee support agreement guarantee targets all new technology businesses utilizing technology in their operations.
In addition, KB Kookmin Bank plans to supply a total guarantee limit of 1.1 trillion KRW through a total special contribution of 50 billion KRW this year to guarantee institutions such as the Korea Credit Guarantee Fund, Korea Technology Finance Corporation, and regional credit guarantee foundations.
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A KB Kookmin Bank official said, "We expect this business agreement with the Korea Technology Finance Corporation to provide practical support that can strengthen the competitiveness of innovative companies," and added, "Going forward, KB Kookmin Bank will seek various measures to support the establishment and scale-up of innovative companies."
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