Kibo-Shinbo-Mubo, Joint Financial Support Agreement for Export Company Assistance
Joint Guarantee Support Worth 200 Billion KRW
[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter referred to as Kibo) announced on the 24th that it has signed a "Joint Financial Support Agreement for Supporting Export SMEs in Liquidity Crisis" with the Korea Credit Guarantee Fund (hereinafter referred to as KODIT) and the Korea Trade Insurance Corporation (hereinafter referred to as K-Sure).
This agreement was prepared to introduce a "Joint Financial Support Program" to support export companies, and each institution plans to support export companies facing liquidity crises due to the prolonged COVID-19 pandemic through the program.
The Joint Financial Support Program is a program where, upon application by export companies, Kibo or KODIT provides guarantees up to 500 million KRW, and for companies requiring additional support, K-Sure provides additional guarantees up to 300 million KRW.
According to the agreement, Kibo will implement the "Special Guarantee for Joint Financial Support for Export SMEs" within this month. This plan targets export companies with direct or indirect export performance in the previous year or the most recent one year, offering preferential screening and a 0.2 percentage point reduction in guarantee fees, supporting a total of 50 billion KRW in special guarantees.
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This agreement is a program promoted to help export companies in liquidity crises resolve short-term funding difficulties until export demand recovers. It is expected that through joint financial support, it will contribute to overcoming management crises of export companies and strengthening competitiveness in response to the post-COVID era. Kim Young-chun, Director of Kibo, stated, "According to this agreement, Kibo will actively support export companies experiencing liquidity crises to alleviate management difficulties and enhance export vitality, thereby contributing to the development of the national economy."
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