Nambu Power to Provide 20 Billion KRW Preferential Guarantees to SMEs... "Supporting COVID-19 Damage"

[Asia Economy Reporter Moon Chae-seok] Korea Southern Power is providing financial support to small and medium-sized enterprises (SMEs) affected by the prolonged COVID-19 pandemic through the Win-Win Agreement Guarantee Support Project.

On the 13th, Southern Power announced that it plans to provide loans totaling 20 billion KRW and preferential guarantees to SMEs eligible for the Korea Technology Finance Corporation's (KOTEC) COVID-19 special guarantees, as well as SMEs in the power generation and energy sectors, to promote sustainable co-growth with SMEs.

Southern Power stated, "We have established the Win-Win Agreement Guarantee Project together with KOTEC to support SMEs that will serve as the cornerstone for creating social value and revitalizing the economy, and to strengthen win-win cooperation."

Eligible companies include those meeting KOTEC’s guarantee requirements among SMEs in the power generation and energy sectors that focus on domestic production of core components, export of domestically produced equipment overseas, possession of eco-friendly technologies, and those eligible for KOTEC’s COVID-19 related special guarantees.

These companies can apply for support of up to 1 billion KRW anytime within this year through the Win-Win Growth Platform in the Corporate Support Center on Southern Power’s website.

Southern Power will conduct eligibility screening for the received applications and recommend qualified companies to KOTEC. KOTEC will issue guarantee certificates to the final selected companies after comprehensive guarantee screening.

Financial institutions such as IBK Industrial Bank of Korea and BNK Busan Bank will provide long-term, low-interest preferential guarantee loans.

The final selected companies will receive working capital and facility loans, as well as preferential guarantees, reducing financial burdens through benefits such as preferential guarantee ratios and guarantee fee reductions.

Shin Jeong-sik, President of Southern Power, said, "We plan to pursue an inclusive growth policy that considers the SME ecosystem together," adding, "We will devote all efforts to the co-growth and safety support network for SMEs affected by COVID-19, as well as promising SMEs with domestic equipment exports and eco-friendly technologies that have technological capabilities and growth potential but lack financial capacity."

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