Kibo Establishes 'Innovative Company National Representative 1000 Preferential Guarantee'

Establishment of Specialized Financial Support Program for Companies Leading Innovation by Industry

[Asia Economy Reporter Kim Cheolhyun] The Korea Technology Finance Corporation (Chairman Jung Yunmo, hereinafter referred to as Kibo) announced on the 11th that it has established the 'Innovative Companies National Representative 1000 Preferential Guarantee' to build an effective support system for innovative companies by industry and lay the foundation for the success of the Korean New Deal through collaboration between the financial and industrial sectors.

'Innovative Companies National Representative 1000' is a government and private sector collaboration program that selects more than 1,000 representative innovative companies leading future innovation by industry over three years based on evaluations from relevant ministries with high understanding of each industrial sector, and fosters them into global players through comprehensive financial support. In July, in collaboration with the Ministry of SMEs and Startups and the Ministry of Trade, Industry and Energy, 32 representative innovative companies in the materials, parts, and equipment sectors were first selected, and this month, five ministries including the Ministry of SMEs and Startups participated to select a total of 247 representative innovative companies in advanced manufacturing, ICT sectors, and others in the second round.

Kibo plans to actively participate in establishing a collaborative system for the success of the Korean New Deal by providing sufficient funds to strengthen the competitiveness of companies promoting technological innovation through preferential measures applied to companies selected as 'Innovative Companies National Representative 1000,' such as ▲raising the guarantee ratio up to 95% ▲reducing guarantee fees by 0.4 percentage points ▲relaxing screening criteria and approval authority.

Kim Youngchun, director of Kibo, said, "In a situation where structural and fundamental changes across industries such as non-face-to-face and digitalization are rapidly occurring due to the COVID-19 pandemic and the 4th Industrial Revolution, building a collaborative system like Innovative Companies National Representative 1000 is necessary for effective support of innovative companies." He added, "Based on experience in implementing dedicated programs for fostering global companies such as the Preliminary Unicorn Special Guarantee, Kibo will provide comprehensive support including guarantees, investments, and consulting tailored to the funding needs of national representative companies in various industrial sectors with verified innovation and technological capabilities."

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