[2020 Financial Services Commission Work Plan] 40 Trillion KRW Support for 1,000 National Representative Innovative Companies

[Asia Economy Reporter Kangwook Cho] The Financial Services Commission will select 1,000 national representative innovative companies this year and support them with 40 trillion won to nurture global players.

According to the '2020 Work Plan' announced by the FSC on the 19th, through collaboration with related ministries, 1,000 (+ α) innovative companies with high innovation and growth potential will be selected across various industrial sectors.

Innovative companies will receive up to 40 trillion won in funding over three years, including 15 trillion won in investments, 15 trillion won in loans, and 10 trillion won in guarantees from institutions such as the Korea Development Bank, Industrial Bank of Korea, and Korea Credit Guarantee Fund, tailored to their growth stages and capital needs.

Additionally, to sufficiently meet capital demands, an innovation-focused screening system, increased loan and guarantee limits, and investment incentives will be applied. This will be reviewed primarily by a dedicated screening organization focusing on the technology and growth potential of companies in new industry sectors.

For innovative companies with global growth potential, so-called 'global players,' support will be provided to attract large-scale private funds, including domestic and international major VC investments. More than 30 innovative companies with global competitiveness and high growth potential will be targeted.

An FSC official stated, "Through a policy financial institution consultative body, we will comprehensively understand the capital needs of innovative companies and supply the most appropriate financial support in a timely manner."

This content was produced with the assistance of AI translation services.