Seoul Business Agency and Kibo Join Hands to Support Seoul SMEs' R&D

347 Billion KRW Support for SME Technology Development

At the business agreement ceremony held on the 9th at the Seoul office of the Korea Technology Finance Corporation in Yeongdeungpo-gu, Seoul, Jang Young-gyu, Head of the Seoul Western Regional Headquarters of the Korea Technology Finance Corporation (second from the left), and Kim Sung-min, Head of the Innovation Growth Headquarters at the Seoul Business Agency (SBA) (third from the left), are posing for a commemorative photo. Photo by Seoul Business Agency

[Asia Economy Reporter Lee Junhyung] The Seoul Business Agency (SBA) announced on the 12th that it has signed a Memorandum of Understanding (MOU) with the Korea Technology Finance Corporation (Kibo) to discover small and medium-sized enterprises (SMEs) with excellent technology in Seoul and support technology commercialization. The purpose is to combine the specialized functions of both organizations to create an environment where the outstanding technologies of Seoul SMEs are not wasted but can be continuously expanded.

According to the agreement, SBA will recommend Seoul-based SMEs to Kibo, and Kibo will provide comprehensive guarantee linkage support such as guarantee support, direct investment, and technology transfer. Additionally, SBA and Kibo plan to cooperate in expert exchanges during the evaluation of research and development (R&D) projects and technology assessments of Seoul SMEs with excellent technology, as well as in promoting support projects, to generate synergy effects.

SBA will also provide technology development funds amounting to 34.7 billion KRW. This support aims to improve the stagnant technology development environment of Seoul-based SMEs due to the prolonged COVID-19 pandemic, discover excellent and promising technologies, and strengthen competitiveness. The sales related to the developed technologies of companies supported by SBA’s technology development funds reached 96.8 billion KRW last year, a 20% increase compared to the previous year. According to SBA, achievements in commercialization in the private market, such as investment attraction and listings on KOSDAQ and KONEX, are also continuously increasing.

Kim Sungmin, Head of SBA’s Innovation Growth Division, stated, "SBA’s R&D support is differentiated by active follow-up linkage support beyond just financial assistance," and added, "We hope that through this agreement, the excellent and promising technologies of Seoul SMEs will expand to the global market."

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