TIPA Supports 130 Billion KRW Investment Over 3 Years for SMEs Excelling in Technological Innovation

[Asia Economy Reporter Kim Jong-hwa] The Korea Technology and Information Promotion Agency for SMEs (TIPA) announced on the 9th that, in cooperation with Industrial Bank of Korea and Hana Bank, which exclusively manage the R&D support funds for SMEs, it will support investments totaling 1.3 trillion KRW over the next three years for outstanding technology-innovative small and venture companies.

TIPA operates various commercialization programs such as low-interest loans, export and sales channels, and recruitment of technical talent to support the commercialization of R&D-performing companies, but there was no direct means to support early-stage small and venture companies facing difficulties in financing for commercialization.

Accordingly, starting this year, TIPA plans to discover and select promising small and venture companies with high growth potential in cooperation with Industrial Bank of Korea and Hana Bank, and systematically support investment funds. Each institution has formed and operates an Investment Fund Operation Council composed of working-level staff to strive for systematic and efficient investment support.

Beginning with the first investment briefing session held in May, regular investment briefings will be conducted targeting promising companies that have performed SME R&D, and the second investment briefing session is being prepared for mid-July.

Promising companies discovered through the investment briefing sessions will receive investment funds after separate investment screening by private banks, which will be used as commercialization funds for products and technologies developed through R&D.

Lee Jae-hong, President of TIPA, said, "With the help of Industrial Bank of Korea and Hana Bank, we are now able to directly support investment funds for financing commercialization of small and venture companies that have conducted R&D," adding, "We will continue to make multifaceted efforts and strengthen support for commercialization to foster growth through the creation of new industries by small and venture companies."

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