Shinbo Signs Business Agreement with Hyundai Mobis to Support Spin-off Startups

[Asia Economy Reporter Kwangho Lee] On the 29th, the Korea Credit Guarantee Fund (KODIT) announced that it signed a "Business Agreement to Support Excellent Startup Companies" with Hyundai Mobis.

This agreement was established to create a cooperative system between KODIT and Hyundai Mobis to discover and support excellent spin-off startup companies related to future-oriented automobiles.

According to the agreement, Hyundai Mobis will recommend outstanding spin-off startup companies within three years of establishment with high growth potential to KODIT. KODIT will actively support the recommended companies through "Spin-off Startup Guarantees," investments, consulting, and provide preferential selection for the startup nurturing platform "Startup Nest," as well as support investment attraction activities using the investment attraction platform "U-Connect."

KODIT operates the Spin-off Startup Guarantee to activate support for in-house ventures and spin-off startup companies, offering preferential treatment on guarantee fees (fixed at 0.7%) and guarantee ratios (90%) to help companies secure smooth funding and reduce financial costs.

A KODIT official stated, "Spin-off startup companies have a high success rate in entrepreneurship and create quality jobs as their business feasibility is verified through experience in the parent company and systematic support. We will continue to actively discover excellent spin-off startup companies with technological capabilities and business feasibility and do our best to revitalize the startup ecosystem."

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