Kibo Signs Business Agreement to Strengthen Competitiveness with Woori Bank and Tech Valley Companies

Establishing Customized Financial and Consulting Support Systems to Facilitate Scale-up

Kim Young-chun, Director of the Korea Technology Finance Corporation (left), and Seo Dong-rip, Head of the SME Group at Woori Bank, are posing for a commemorative photo.

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter Kibo) announced on the 28th that it has signed a 'Business Agreement to Strengthen the Competitiveness and Sustainable Growth Support of Tech Valley Companies' with Woori Bank (President Kwon Kwang-seok).

This agreement was promoted to establish a comprehensive support system that can provide one-stop support from funding to professional consulting in order to strengthen the capabilities and enhance the corporate value of Tech Valley companies that commercialize excellent technologies from universities and research institutes.

According to the agreement, Kibo will discover excellent startup companies within universities and research institutes, known as Tech Valley companies, and provide financial support such as guarantees and investments, technology transfer, and support for initial public offerings (IPO). Woori Bank will provide specialized services including guarantee fee support to facilitate smooth loans for Tech Valley companies, as well as free consulting in tax, finance, and management?the biggest challenges for startups?and support for overseas expansion.

Kibo has introduced the Tech Valley Guarantee, a support program specialized for Tech Valley companies, granting guarantee and investment pre-limits of up to 3 billion KRW to companies founded by science and engineering professors and master's and doctoral researchers from partner institutions, providing step-by-step support. So far, it has driven the startups of 340 professors and researchers, supporting guarantees of 619.7 billion KRW and direct investments of 18.7 billion KRW.

Kim Young-chun, director of Kibo, said, "For the stabilization of management and enhancement of competitiveness of Tech Valley companies, consulting utilizing experts in various fields such as tax and finance is essential." He added, "Going forward, Kibo will focus on supporting Tech Valley companies not only to succeed in startups but also to scale up as global companies, and will establish a comprehensive support system including professional consulting services from private banks."

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