Gibo, Business Agreement to Support Social Ventures and Small Business Owners for Realizing Social Value

Chungcheongnam-do, Hana Bank, Chungnam Creative Economy Innovation Center, and Backpacker Support Social Ventures

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter referred to as Kibo) announced on the 16th that it signed a 'Business Agreement to Support Social Ventures and Small Business Owners for the Realization of Social Value' with Chungcheongnam-do, Hana Bank, Chungnam Creative Economy Innovation Center, and Backpacker, and agreed to actively cooperate in fostering social ventures leading social value creation and supporting market access for small business owners.

This agreement is significant in that Kibo, which operates various support systems such as the Social Venture Development Project and Social Venture Impact Guarantee, has established a collaborative model with local governments, financial institutions, and prospective unicorn companies to expand social ventures regionally and support small business owners. According to the agreement, Kibo will provide guarantee support such as social venture identification and impact guarantees for companies located in Chungcheongnam-do, as well as various startup education programs. Chungnam Province and the Chungnam Creative Economy Innovation Center will establish social venture support systems to lead the revitalization of local social ventures, Hana Bank will provide financial support to social ventures, and Backpacker will support market access for small business owners in Chungnam through the 'Idus' platform.

Kibo established the Social Venture Value Evaluation Center in 2018 and laid the foundation for a sustainable social value realization system by defining the concept of social ventures and preparing identification guidelines. Since last year, through the Social Venture Development Project, it has conducted a nationwide survey and evaluation system for social ventures and established a comprehensive support system including the development of dedicated guarantee products.

Additionally, to attract social venture startups in various fields and increase the success potential of promising social venture companies, Kibo has increased the social venture impact guarantee target to 115 billion KRW this year and plans to expand the scale annually to support a total of over 500 billion KRW by 2022. Chairman Jung Yoon-mo of Kibo stated, "We expect that the regional expansion of social ventures contributing to solving social problems and creating jobs through innovative ideas and technologies, as well as support for market access for small business owners, will serve as a foundation for balanced regional development." He added, "Kibo will also strive harder to realize social value through various support for social ventures."

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