Kibo-Woori Bank, Support Agreement for 'Scale-up of COVID-19 Affected and Innovative Companies'
Preferential Guarantees Totaling 205 Billion KRW for Innovative Companies Including COVID-19 Affected Businesses
[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jeong Yun-mo, hereinafter Kibo) announced on the 5th that it signed a "Financial Support Agreement for Innovation Company Scale-up and Technology Startup Activation" with Woori Bank (President Sohn Tae-seung) to support companies affected by the novel coronavirus infection (COVID-19) and to assist the scale-up of innovative companies.
This agreement was established to alleviate the financial burden on innovative companies, including those affected by COVID-19, and to support their scale-up. Both institutions agreed to build a customized collaboration system to actively foster innovative companies and promote technology startups. The target companies for support include ▲COVID-19 affected companies ▲exporting small and medium enterprises ▲companies located in regulatory sandbox and free economic zones ▲companies in innovative growth sectors ▲job-creating companies ▲social enterprises, with a particular focus on supporting COVID-19 affected companies and exporting SMEs that are experiencing operational difficulties due to the spread of COVID-19.
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To this end, Woori Bank will contribute a total of 5 billion KRW (4 billion KRW as a special contribution fund and 1 billion KRW as guarantee fee support), and Kibo will use the contribution fund as a resource to provide preferential guarantees with favorable guarantee ratios and fees to target companies, supporting a total of 205 billion KRW in preferential guarantees. Jeong Yun-mo, Chairman of Kibo, stated, "Through collaboration with Woori Bank, Kibo will support the scale-up of technology innovation companies and fulfill its role as a financial support platform that proactively responds to the government's key issues."
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