New Album, 6th Recruitment Open for Innovation Icon
Selected 5 Innovation Icons Through Dedicated Team Review
Up to 15 Billion KRW 'Scale-Up Funding' Support
[Asia Economy Reporter Kwangho Lee] The Korea Credit Guarantee Fund (KODIT) announced on the 1st that it will conduct an open recruitment for the selection of the 6th Innovation Icon until the 27th of this month.
The Innovation Icon support program is KODIT's representative scale-up program that helps innovative companies with new business models rapidly grow into future unicorn companies.
Eligibility includes companies operating in new industries that have been established for more than 2 years but less than 10 years, with annual sales of at least 500 million KRW and an average sales growth rate of 10% or more over two years, or companies that have attracted investments from institutional investors ranging from 2 billion KRW to less than 50 billion KRW. Through this recruitment, KODIT plans to select 5 Innovation Icons.
The final selected companies will receive credit guarantees up to 15 billion KRW over 3 years, with the lowest guarantee fee rate (0.5%) applied. Additionally, support includes an extra 0.7 percentage point interest rate reduction through 6 partner banks, as well as various non-financial services such as overseas expansion, consulting, and promotional activities.
Since the program's introduction in 2019, KODIT has selected a total of 28 companies as Innovation Icons from the 1st to the 5th term, providing a total credit guarantee limit of 268 billion KRW. Notably, starting from the 4th term last year, the maximum guarantee limit was increased from 10 billion KRW to 15 billion KRW, supporting the largest amount by a single institution and solidifying its position as a leading support program for startups.
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A KODIT official stated, "With the domestic and international startup markets gaining momentum and active support policies converging, visible results such as Innovation Icon companies listing on the KOSDAQ market are emerging. We will fully support the Innovation Icons selected as the 6th term to leap forward as market-leading companies."
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