Shinbo Provides 75 Billion KRW Guarantee Support to 15 'Global Future Unicorn' Companies

[Asia Economy Reporter Haeyoung Kwon] The Korea Credit Guarantee Fund (KODIT) announced on the 18th that it will provide a total of 75 billion KRW in guarantees to 15 companies selected as the first cohort of the 'Global ICT Future Unicorn Growth (ICT GROWTH)' program.

The Global ICT Future Unicorn Growth project is an initiative implemented by the Ministry of Science and ICT to discover startups with innovative technologies in the ICT sector and support their leap to becoming global unicorns. In February, KODIT and the Ministry of Science and ICT signed a business agreement to ensure the successful progress of this project by organically linking KODIT's expertise in financial support with the Ministry's research and development (R&D) and global expansion infrastructure.

KODIT formed a dedicated team to participate in the entire selection process of the Global ICT Future Unicorn Growth support companies, from document screening to guarantee evaluation. They thoroughly reviewed innovation, growth potential, and sustainability to finalize guarantee support for 15 companies. Even companies experiencing decreased sales or difficulties in collecting overseas accounts receivable due to COVID-19, but possessing excellent technology and growth potential, were boldly included as guarantee support targets to provide growth funds.

KODIT will provide growth funds of 5 billion KRW each, totaling 75 billion KRW, to the 15 selected companies. Additionally, to facilitate smooth fundraising and reduce financial burdens for the selected companies, a preferential guarantee ratio (100%) and a fixed guarantee fee rate (0.5%) will be applied. KODIT is also promoting interest rate reductions through business agreements with major commercial banks to help selected companies reduce financial costs.

A KODIT official stated, "The Global ICT Future Unicorn Growth project is becoming a good catalyst for the growth of promising ICT companies," and added, "KODIT will continue to provide maximum support, including bold growth fund support, so that domestic innovative companies can grow into global unicorns."

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