Jungjinkong Supports Patent-Backed Loans for SMEs Holding High-Tech Value Patents
Technical Value Evaluation of Corporate Intellectual Property Rights Including Technical Feasibility and Business Viability
[Asia Economy Reporter Kim Cheol-hyun] The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 12th that it will support patent-backed loans for small and medium-sized venture companies that hold intellectual property rights with high technological value.
Traditional financial practices have executed loans based on collateral such as real estate owned by companies, but SBC has proactively introduced and operated patent-backed loans since 2013 to support small and medium-sized venture companies lacking sufficient collateral capacity.
Patent-backed loans evaluate the future technological value of patents held by small and medium-sized venture companies, such as their technical and business feasibility, and provide funds secured by these patents. Up to 3 billion KRW per company annually (within 500 million KRW for working capital) can be supported, and applications can be made for both working and facility funds.
For example, Company N, located in Seoul, is a next-generation security and Internet of Things (IoT) related company. In 2016, when it lacked funds to commercialize its developed solution, it received support from SBC’s patent-backed loan and has since maintained rapid growth. Its sales, which were 800 million KRW in 2015, grew tenfold to 8.1 billion KRW in 2019, and the company succeeded in attracting investment by gaining recognition for its technological and business feasibility.
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Chairman Kim Hak-do said, "Last year, SBC supported patent-backed loans totaling approximately 26.5 billion KRW for 75 companies," adding, "We will support small and medium-sized venture companies with excellent technology to overcome the COVID-19 pandemic and become a core growth engine of the national economy, creating new value."
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