Kibo and Gyeonggi-do Economic Science Promotion Agency Sign 'Business Agreement to Revitalize Re-Startup Support'

Strengthening Support for Successful Re-Entrepreneurship and Scale-Up of Excellent Technology Small and Venture Businesses

On the 23rd, Kwon Soon-jung, Director of Gyeonggi-do Economic Science Promotion Agency (left), and Baek Kyung-ho, Director of Kibo, are signing a business agreement to promote the revitalization of support for the recovery of excellent technology small and medium venture companies.

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter Kibo) announced on the 24th that it has signed a business agreement with the Gyeonggi-do Economic Science Promotion Agency (Director Kim Ki-jun, hereinafter Gyeonggawon) to activate support for the revival of excellent technology-based small and medium venture companies.

This agreement was prepared to support the revitalization of revival for small and medium venture companies possessing excellent technology through the linkage of revival support projects operated by both organizations. According to the agreement, Kibo will recommend Kibo’s revival companies to the 'Gyeonggi-do Rechallenge Fund' operated by Gyeonggawon for investment attraction to support investment in re-startup companies, and Gyeonggawon will recommend revival entrepreneurs nurtured through the 'Rechallenge Business Support Project' as targets for Kibo's 'Revival Support Guarantee.'

Through this, re-challenge companies with excellent technology and high business growth potential can receive opportunities to lay the foundation for a leap forward by receiving guarantees and investment support from both organizations. It is expected that the atmosphere for revitalizing re-challenge by failed entrepreneurs will be created through strengthened investment and financial support, contributing to the activation of startups.

Kibo has raised its revival support target by more than 20% compared to the previous year and is continuously expanding guarantee support, and it also annually expands linked support projects such as specialized lectures and technology and management consulting to strengthen the competitiveness of revival support companies. Director Baek Kyung-ho of Kibo said, "In response to the spread of COVID-19, we are expanding non-face-to-face online lectures for re-challenge entrepreneurs and implementing a debt installment repayment deferral system to support overcoming management crises," and "to actively respond to the post-COVID era, we significantly expanded the target for revival support in May, revised the revival support system extensively to reduce initial financial burdens by offering preferential guarantee fees and waiving technology evaluation fees," he said.

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