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Korea Institute for Robot Industry Advancement Signs Financial Support Agreement with 7 Major Banks to Promote Growth and Utilization of Robot Industry
[Asia Economy Reporter Park Sun-mi] On the 8th, the Korea Credit Guarantee Fund announced that it has signed a 'Financial Support Agreement for the Growth and Utilization Promotion of the Robot Industry' with the Korea Institute for Robot Industry Advancement and seven commercial banks.
This agreement was established to improve financial accessibility for domestic small and medium-sized enterprises (SMEs) that possess excellent robot-related technologies but face financial difficulties due to a lack of research and development and commercialization funds.
According to the agreement, the Korea Credit Guarantee Fund will provide guarantee support to promising robot companies recommended by the Korea Institute for Robot Industry Advancement. In addition, it will offer preferential treatment on the guarantee ratio (95%) and guarantee fee rate (initial fixed guarantee fee rate of 0.5% applied once, followed by a 0.3 percentage point reduction for five years) to alleviate the financial burden on companies.
The Korea Institute for Robot Industry Advancement will discover promising robot companies and recommend them to the Korea Credit Guarantee Fund, while also contributing a 300 million KRW fund to support guarantee fees to the Fund. The agreement banks will support by offering up to a 1.8 percentage point preferential interest rate on loans related to the guarantee.
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A representative from the Korea Credit Guarantee Fund stated, “As the robot industry is a core technology of the 4th Industrial Revolution and a new growth engine for the country, we will continue to strengthen financial support for domestic small and medium robot companies together with the partner institutions.”
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