Naver Invests 10 Billion KRW for Domestic Creators... Provides Up to 500 Million KRW Loans to Content Companies

[Asia Economy Reporter Kang Nahum] Naver will make a special contribution of 10 billion KRW to support the cultural industry sector struggling due to the COVID-19 crisis.

On the 30th, Naver signed a "Business Agreement to Strengthen the Competitiveness of the Cultural Industry" together with the Ministry of Culture, Sports and Tourism and the Korea Credit Guarantee Fund.

According to the agreement, Naver will contribute 10 billion KRW to the Credit Guarantee Fund, which will use this fund to provide 100 billion KRW in ‘Naver Special Contribution Cultural Industry Policy Guarantees’ over the next three years to companies producing and distributing cultural products.

This is part of the 1 trillion KRW scale ‘Cultural Industry Policy Guarantee’ supported actively by the Ministry of Culture, Sports and Tourism through the Credit Guarantee Fund. The guarantee targets production and distribution companies related to 11 genres including film, broadcasting, animation, music, performance, games, comics, characters, publishing, advertising, knowledge information, and content solutions. Based on this guarantee, loans up to 500 million KRW will be supported for small and medium-sized cultural content companies that meet certain requirements.

Han Seong-sook, CEO of Naver, said, “Naver has focused on discovering the value of various creators, supporting sustainable success, and growing together as a core direction. We hope this financial support will especially help companies and creators in the music and performance sectors that are facing operational difficulties due to COVID-19.”

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